Written by Ashley Waterman
The Ras Al Khaimah Free Trade Zone (RAK FTZ) is looking to attract 2,000 new members by the end of 2009, the authority's chief executive officer has announced.
Following the announcement that registrations increased 13.6 per cent quarter-on-quarter between April and June, Oussama El Omari confirmed: "With 931 companies already registered in the first half of 2009, we are confident that we will reach this target."
He added that the authority is continuing to see strong membership growth in the IT, manufacturing, consulting and trading sectors.
A growth in these and other sectors may also help to support property in Ras Al Khaimah as more firms conduct business in the emirate.
The FTZ, as one the UAE's fastest growing trade areas, already list 5,000 members spanning a full complement of business sectors. Among the benefits offered to registrants is a 100 per cent tax exemption, in addition to 100 per cent foreign ownership.