A total of 522 new companies have registered with Ras Al Khaimah Free Trade Zone (RAK FTZ) in the first quarter of 2011, marking a 17 per cent increase in registrations over the same period of 2010.

RAK FTZ said that a total of 970 licences were renewed during the first quarter of 2011, compared to 710 licences renewed in the corresponding period in 2010, representing an increase of 36.6 per cent.

Among the 522 companies that registered in the January-March 2011 period, the majority (top 10) are from India, followed by UK, Egypt, Pakistan, Turkey, France, Germany, the US, Jordan and the Russian Federation.

With the new entrants, the total number of registered companies operational at RAK FTZ by the end of March was well over 5,000.

“The tremendous increase in new registrations and licence renewals in the first quarter of 2011 reinforces our reputation as one of the most attractive investment zones in the Middle East,” said Oussama El Omari, chief executive officer of RAK FTZ.

“Our open door economic development policy has gone a long way towards gaining investor confidence from across the globe, as is evident from both the new registrations and the renewals. More importantly, the environment to grow and flourish has become a hallmark of RAK FTZ that is greatly admired by our investors.”

“With a positive start to the year, RAK FTZ is looking forward to more successful business liaisons, new company registrations and further increases in revenue – a positive outlook that will do Ras Al Khaimah, as well as the whole UAE, a world of good. That this achievement came amidst a volatile business atmosphere is even more commendable,” El Omari continued.

“Our existing and potential clients expect certain standards, and we are committed to meeting those needs and expectations. With some leading companies making their way to RAK FTZ, we are, ultimately, contributing to the economic growth of Ras Al Khaimah and the UAE as a whole,” he added.

Some of the marketing activities undertaken by RAK FTZ in the first quarter of 2011 include RAK FTZ’s participation in the Partner Middle East Roadshow organised by UK Trade & Investment in the UK. The RAK FTZ also organised a seminar in close cooperation with the Middle East Association in London. – TradeArabia News Service