Ras Al Khaimah is developing a new free trade zone covering an area of 27 square kilometres, an official said. "The new zone will cater mainly to heavy industries that require large space," Osama Al Omari, Ras Al Khaimah Free Trade Zone (RAK FTZ) chief executive officer, told Gulf News. He said the emirate has adopted a "multi-location" strategy in developing special economic areas covering different sectors.
RAK FTZ has so far attracted 2,147 companies, a large number of them from India and Iran. Fifteen per cent of the companies are in the industrial sector. The rest are involved in trading and services. The six-year-old trade zone is registering between 100 and 150 companies per month, Al Omari said. In cooperation with Iranian businessmen, the emirate is also developing cross-border business hubs. He said with the emirate planning to have its own airline, tourism will also grow. There are 25 hotels under construction in the emirate, he said. (Gulf News)
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