Posted by Neil King
The diverse range of free trade zones being developed in Ras Al Khaimah is helping to drive the emirate's impressive economic growth, a new report has claimed.
A study by Oxford Business Group (OBG) noted that with this year marking the tenth anniversary of the founding of the RAK Free Trade Zone (RAK FTZ), now is an important time to consider the success of the FTZ model across Ras Al Khaimah in general.
Indeed, OBG pointed out that as the first free zone to be established in the emirate, RAK FTZ has played a key role in helping Ras Al Khaimah achieve double-digit, year-on-year growth for much of the last decade. The free zone is currently home to some 4,000 firms.
Such success also led to the establishment of the RAK Investment Authority (RAKIA) in 2005, the study observed, which has sought to capitalise on niches not served by RAK FTZ by having a greater focus on heavy industry and manufacturing.
OBG suggested that the diversification of free zones in the emirate will continue.
"The RAK Free Media and Film Zone, for instance, remains under development, as do the RAK Centre for Business Excellence, RAK Education Zone, RAK Financial Centre and the RAK Industrial and Technology Park," said the group.