Ras Al Khaimah’s free trade zones play an important role in driving economic growth which could be further expanded if they forge closer links to target investment, said a top official.

“We need to have the same target of attracting high-value capital-intensive and low-labour-intensive companies,” remarked Oussama El Omari, CEO and director general of the Ras Al Khaimah Free Trade Zone Authority (RAK FTZ).

“Our policies are not far apart but there should be a more direct connection between them. Implementation of this will help sustain RAK’s economic growth,” he added.

El Omari was speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm.

The full interview with El Omari will be out in The Report: Ras Al Khaimah 2011, OBG’s latest guide on the Emirate’s economic activity and investment opportunities.

El Omari said individual achievements of RAK’s three free trade zones were evidence that their operations complemented each other. But, he added that common policies and increased interaction would help them tailor efforts to tap specific areas of businesses.

The Group’s report includes a detailed, sector-by-sector guide for foreign investors, together with a wide range of interviews with prominent political, economic and business leaders, including the Ruler of RAK Sheikh Saud bin Saqr Al Qasimi and VP of  Department of Economic Development Sheikh Mohamed bin Kayed Al Qasimi.

El Omari voiced his confidence that the World Free Zone Convention 2010, which RAK recently hosted, would bolster the emirate’s efforts in forging partnerships on the international stage.

He added that efforts to improve RAK’s infrastructure would support the high profile that the emirate enjoyed on the global platform.

“I believe that we have gone far and beyond what we can absorb in terms of awareness and marketing the advantages of investing in RAK,” said El Omari.

“With the large-scale infrastructure development under way in the Northern Emirates, with encouraging support from the UAE Federal government, the shortages in power generation is currently being addressed," the official explained.

"Logistics and infrastructure are inextricably linked, and future industry sector growth is supported by the ongoing development of vital projects across the country," he added.

El Omari was keen to highlight the vital link that RAK’s free trade zones were providing between educational institutions and the workplace.

“In terms of synergies created, the free trade zone has a vital interest in surrounding itself with educational institutions,” he said. “This allows prospective companies to have a pool of universities to hire staff from.”

He voiced his confidence that a number of employees taking up posts within international companies based at the zones would move into the local marketplace, leading to an effective transfer of knowledge and skills.

The 'Report: Ras Al Khaimah 2011' marks the culmination of six months of on-the-ground research by a team of analysts from OBG.

It provides information on opportunities for foreign direct investment into RAK’s economy and is a guide to the many facets of the emirate including its macroeconomics, infrastructure, banking and sectoral developments.-TradeArabia News Service