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Abu Dhabi, UAESaturday 20 October 2018

RAK to consolidate free zones

RAK Free Trade Zone and RAK Investment Authority will fall under the authority of Rakez to create one of the region’s largest economic zones housing more than 13,000 companies.

Ras Al Khaimah will consolidate its two free zones under one umbrella, creating the Ras Al Khaimah Economic Zone (Rakez).

RAK Free Trade Zone and RAK Investment Authority (Rakia) will fall under the authority of Rakez to create one of the region’s largest economic zones, housing more than 13,000 companies.

“It is our firm belief that after nearly two decades of operating independently, the time is right to leverage the combined resources of RAK FTZ and Rakia under one strong, unified brand,” said Sheikh Ahmed Al Qasimi, the chairman of the authority and free zones.

The free zones began consolidating last year, combining their boards and management teams followed by streamlining various functions and activities. Ramy Jallad, the group chief executive of the three entities, said the merging of the bodies was naturalto scale up and meet the growing demands of existing clients, potential investors and contribute to the overall economy.

“Bringing together RAK FTZ and Rakia under the umbrella of Rakez is the first step towards taking our customer experience to the next level,” he said. “It underlines our commitment to provide exceptional service delivery, simplified processes and cost-effective solutions.”

RAK has been looking to attract more business and made an announcement at the end of last year that it would partner the DIFC. Under the agreement, companies, investors and individuals can choose DIFC courts and its arbitration centre to resolve disputes. Sheikh Ahmed said that this would offer “greater certainty and confidence in a legal system recognisable around the world”, while property and assets of individuals will be more secure.​

lgraves@thenational.ae

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