Posted by Bob Brunskill
The Ras Al Khaimah Free Trade Zone (RAK FTZ) has signed a Memorandum of Understanding (MoU) with HSBC's UAE Commercial Banking team as part of the bank's proactive efforts to support free zones as strategic areas of development and growth.
Commenting on the arrangement, Oussama El Omari, chief executive officer of RAK FTZ, said that HSBC would provide financial expertise to the free zone's clients.
"In turn, they will also generate a close business network that is the RAK FTZ family," he added.
The MoU covers a wide range of partnership activities, combining commitments to support both the operating authority as well as preferential customer offers and improving access for companies to HSBC's facilities within the zone.
"Over the past five years, the number of companies registering in the UAE's free zones has seen double digit growth, clearly demonstrating that there are still companies identifying strong business opportunities either within the Emirates, or using the UAE as a base from which to conduct their intra-regional or international trade business," commented Nick Levitt, UAE Commercial Banking, HSBC UAE.
Last year, RAK FTZ registered ten per cent growth year-on-year and is aiming to register 2,500 companies by the end of 2010.