UAE’s Ras Al Khaimah eyes further expansion

The UAE emirate of Ras Al Khaimah with no oil and gas like its neighbouring emirates is planning projects worth $5 billion to 2020 with the help of foreign investors.

RAK Free Trade Zone (RAK FTZ) is currently home to around 4,000 companies aims to turn itself into a business hub for small and medium enterprises and lure more multinational investors for its infrastructure and airport expansion plans. Oussama el Omari, CEO, RAK FTZ, said: “We forecast 2,250 additional companies in 2010. In 2009, registrations and company revenue in the zone grew 10 and 11 percent respectively despite the global crisis, he added. Most new companies would come from Germany, France, Turkey, and India.
While speaking to Reuters, Omari said: “Some of the largest investments are from Knauf group from Germany, Dole Group from the ‘States, and Hyundai Group,” without giving details.
Solar power, the nuclear energy sector and education would form the bulk of projects in coming years, he said.

The authorities in the emirate, just 100 km (62 miles) away from debt-struck Dubai, are launching large scale projects such as a new international airport as a catalyst for growth.
RAK being the fourth largest emirate in the UAE is focused on industries like cement, pharmaceuticals, and glass, and building a regional manufacturing and shipping hub.

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