RAK free trade zones 'key economic role'

25/05/2011 - Ras Al Khaimah Property News Posted by Neil King
RAK free trade zones 'key economic role'

The three free trade zones in Ras Al Khaimah (RAK) are key to driving economic growth in the emirate and could be expanded if they target future investment.This is the message from Oussama El Omari, chief executive and director general of the Ras Al Khaimah Free Trade Zone Authority, speaking to Oxford Business Group's report on RAK's economic activity.Cited by WAM.org.ae, he said that the free trade zones "need to have the same target of attracting high-value capital-intensive and low-labour-intensive companies", stating there should be a "more direct connection" between policies.Mr El Omari added that RAK's hosting of the World Free Zone Convention would help the emirate's efforts in succeeding on an international level, as would improving RAK's infrastructure."I believe that we have gone far and beyond what we can absorb in terms of awareness and marketing the advantages of investing in RAK," he remarked.RAK's ruler Sheikh Saud bin Saqr Al Qasimi told Arabian Business recently that the economy is expected to grow ten per cent over 2011, coming largely from the industrial and tourism sectors.