Posted by Bob Brunskill
Officials at the Ras Al Khaimah Free Trade Zone (RAK FTZ) are planning to invest at least $1 billion over the next five years in logistics and infrastructure improvements, it has been revealed.
Oussama El Omari, chief executive officer at RAK FTZ, noted that facilities within RAK Port and the emirate's airport have also witnessed significant upgrades, with more advancements in the pipeline.
Speaking to Emirates Business 24/7, he said that RAK FTZ's strategy is to position itself as a hub for businesses willing to trade along the Seventh Corridor, observing that the emirate bridges the two ports of RAK and Fujairah.
"We play a role in bridging the Seventh Corridor. The best example is a company bringing its raw materials may be from Europe, manufacturing the product here and target markets in the CIS, Iran and Iraq," he said.
In addition, Mr El Omari confirmed that the five-year investment plan will go towards improvements to the free zone's power networks, warehouse and office spaces and to the incorporation of the latest IT solutions.
Meanwhile, the Khaleej Times reported last week that the long-awaited Free Trade Agreement between the Gulf Cooperation Council and the European Union is likely to be signed next month.