Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the fastest-growing and most cost-effective free zones in the United Arab Emirates (UAE), has been recognised by fDi Magazine, a Financial Times publication, as one of the best free zones in the world for small and medium enterprises (SMEs) that are looking to access the Middle East and North Africa region.
The fDi 'Global Free Zones of The Year' 2014 Awards recognised RAK FTZ for offering an excellent mix of location, valuable incentives, value for money, quality facilities and ease of doing business. The awards, which have replaced fDi's previous biannual Global Free Zone rankings, acknowledge the most promising free zones in the world.
"As high-quality client service is our top priority, we are honoured that fDi Magazine, a division of the Financial Times Ltd, has recognised RAK FTZ as one of the most welcoming, efficient and effective investment destinations for investors starting-up or expanding companies in the Middle East," said Peter Fort, CEO of RAK FTZ. "We provide everything an investor needs to set up a successful business in the United Arab Emirates, including a variety of world-class real estate options, efficient licensing process, fast-track work visas, as well as high-quality ongoing client support. Our cost-effective business set-up packages, together with key advantages such as value-added services, no foreign ownership restrictions and permanent zero tax policy, demonstrate that RAK FTZ is helping clients minimise red tape and focus on establishing profitable businesses to take advantage of the exciting growth opportunities in the Middle East, Europe, South Asia and Africa."
RAK FTZ has received numerous awards in recent years for its high-quality services for clients. Last year, the free zone was recognised at the Trade and Export Middle East Excellence Awards 2013 as the winner of the 'Ease in Doing Business' award under the Free Zones category. In 2012, RAK FTZ's website was ranked first in the Economic Zones Category at the Financial Times Group - fDi Magazine Digital Marketing Awards. That same year, RAK FTZ was named as one of the Top 50 Free Zones in the fDi Magazine Global Free Zones of the Future 2012-13 rankings.
The winners in the fDi 'Global Free Zones of the Year' 2014 Awards and their performance will be announced in the October/November 2014 edition of the magazine. The honours follow a high-profile leadership summit in London last month, presented by Financial Times Live and fDi Magazine, in which Mr Fort was a panel speaker. The panel featuring Mr Fort and other high-level executives centred on site selection and location choices for successful companies.
During the panel discussion, Mr Fort shared the benefits of setting up shop at RAK FTZ. They include zero taxation, 100% foreign ownership and full repatriation of profits, among others. Additionally, the free zone offers business centre facilities, offices, warehouses and land for lease across four specialised free zone parks. They include a business park for office clients, an industrial park for heavy manufacturing, a technology park for trading and light manufacturing, and an academic zone for educational institutions.