More and more companies are being set up in RAK

04/10/2012 - Ras Al Khaimah Property News Posted by Neil King
More and more companies are being set up in RAK

More and more companies are being registered in the Ras Al Khaimah Free Trade Zone (RAK FTZ), new statistics have confirmed.According to audited reports from PricewaterhouseCoopers, 1,145 new businesses were established in the emirate in the first half of 2012, which represents a four per cent rise on the corresponding period in 2011.As you would perhaps expect, revenues generated from the registrations were also up.The figures suggested that AED 123.55 million (£20.8 million) was generated during the six-month period - a 10.21 per cent increase on last year.Deputy director general of the RAK FTZ Maryam Al Murshedi Al Shehhi said the region has been able to attract some of the world's top companies in recent years.She remarked: "The tremendous and continuous growth in our new client portfolio reflects the investors' confidence in our transparent and business-friendly environment."The RAK FTZ representative insisted that the district is a major contributor to the UAE's overall gross domestic product and she is "quite confident" that it will achieve unprecedented growth levels by the end of 2012.Ms Al Shehhi continued: "The fDi [foreign direct investment] ranking allotted to us also sends out a clear message to the global business community that RAK FTZ is indeed 'The Home of Business' in the Middle East."The report also found that the top firms establishing themselves in the RAK FTZ earlier this year came from the UK, India, Pakistan and Jordan, among other destinations.This highlights just how popular RAK has become on a global scale in recent years and its reputation is likely to grow further.Airlines are increasing the number of services linking the emirate with different parts of the world, which means it is fast becoming one of the best connected destinations in the Middle East.Bosses at RAK Airways recently confirmed it was planning to double the size of its fleet by November 2013, so businesspeople and investors will find it even easier to book a flight to the emirate.