New registrations with RAK FTZ up 30% in H1

The Ras Al Khaimah Free Trade Zone (RAK FTZ)- one of the fastest-growing and most cost-effective free trade zones in the UAE on Tuesday announced that 574 new companies have registered in the second quarter of 2011, thus reinforcing the tremendous growth achieved by the Free Zone this year.As per statistics issued, a total of 1068 new companies registered in the January-June period of 2011, compared to 835 companies registered in the same period last year, thus achieving a significant 30 per cent year-on-year increase albeit the economic crisis the world is currently experiencing.The RAK FTZ also announced that it has a 4 per cent increase in the second quarter over the total revenues registered in Q1 of 2011. The phenomenal growth in new registrations and the revenue increase achieved in the extremely challenging economic environment in the region (Arab Spring), reflects the world-class standards, facilities and services on offer at the RAK FTZ.The maximum numbers of new companies are from India, UAE, United Kingdom, Egypt, Pakistan, Germany, United States, France, Canada and Turkey.In his comments, Oussama El Omari, CEO of RAK FTZ, said: “The enviable growth achieved in new registrations this year is a testimony to our reputation as one of the most attractive investment zones in the region. RAK FTZ has enjoyed a steady increase in its client base since it was born 10 years because of its continued diligence to keep abreast of the needs of investors.” From / Gulf Today