Power, desalination, airports, ports and rail systems are the potential areas
PHOTO: SPECIAL ARRANGEMENT
Business Park in Ras Al Khaimah RAS AL KHAIMAH (UAE): It may not be as well known tourist or investment destination like Dubai, yet this northern most state of United Arab Emirates (UAE) is positioning itself to become the bridge between the West and East markets. Close to 100 km from Dubai and 45-minute drive from its swanky international airport, RAK and its Free Trade Zone (FTZ) are on an overdrive to play the role of a facilitator between western nations and India/China.
RAK, one of the seven UAE states is beckoning Indian firms to participate in infrastructure development as $5 billion investment is expected in the region for building power plants, desalination plants, airports, ports, rail systems and the like.
“We are in between so we can bring together foreign and Indian firms as well as non-resident Indians. We can also play a big role in providing access to emerging markets of Brazil, Africa and countries like Iraq, Egypt and others needing reconstruction. Indian firms can grow internationally as there is lots of business to be done,” pointed out Oussama El Omari, Chief Executive Officer and Director General, RAK-FTZ, to a visiting group of journalists.
India is a key and best market for the FTZ and firms can invest in renewable energy like solar power. “We already have the largest floating platform for tapping solar energy. India too has lot of interest in solar energy and can take part in R&D,” he said. Current uncertain times in the neighbourhood also provided an opportunity to traders and businessmen as UAE was a safe place for investors with stable regimes.
RAK-FTZ ( www.rakftz. com) established a decade ago with 15 firms to begin with under the chairmanship of Sheikh Faisal Bin Saqr Al Qasimi has grown to 5,000 operating companies (10,000 took licences) of which more than 1,000 are Indian-owned for consulting, trading and commercial units. It has been adjudged as the ‘Best Emerging' free zone three years in a row by the Middle East Logistics Awards. The FTZ has specialised locations around RAK like the business park provided with plush offices equipped with state-of-the-art communications, industrial park close to Saqr port with warehousing and open plots to suit any requirement, technology park for automated manufacturing and the academy zone where some top academic institutions like BITS-Pilani have set up campus. Investors are being enticed with cent per cent ownership, 100 per cent capital/profit repatriation/importing labour, furnished offices and tax exemptions. “You can open an office in three days as registering is easy. It is also 30 per cent to 40 per cent cheaper to set up business here when compared with Abu Dhabi and Dubai,” averred Bissoon Surnam, Regional Manager (India), RAK-FTZ.
Visas number is dependent on the business licence taken with three years validity and licences have to be renewed each year. However, publishing, e-commerce and travel businesses are disallowed. Firms cannot sell directly in the UAE market but through a local agent.
Business Park in Ras Al Khaimah
RAK, one of the seven UAE states is beckoning Indian firms to participate in infrastructure development as $5 billion investment is expected in the region for building power plants, desalination plants, airports, ports, rail systems and the like.
“We are in between so we can bring together foreign and Indian firms as well as non-resident Indians. We can also play a big role in providing access to emerging markets of Brazil, Africa and countries like Iraq, Egypt and others needing reconstruction. Indian firms can grow internationally as there is lots of business to be done,” pointed out Oussama El Omari, Chief Executive Officer and Director General, RAK-FTZ, to a visiting group of journalists.
India is a key and best market for the FTZ and firms can invest in renewable energy like solar power. “We already have the largest floating platform for tapping solar energy. India too has lot of interest in solar energy and can take part in R&D,” he said. Current uncertain times in the neighbourhood also provided an opportunity to traders and businessmen as UAE was a safe place for investors with stable regimes.
RAK-FTZ ( www.rakftz. com) established a decade ago with 15 firms to begin with under the chairmanship of Sheikh Faisal Bin Saqr Al Qasimi has grown to 5,000 operating companies (10,000 took licences) of which more than 1,000 are Indian-owned for consulting, trading and commercial units. It has been adjudged as the ‘Best Emerging' free zone three years in a row by the Middle East Logistics Awards. The FTZ has specialised locations around RAK like the business park provided with plush offices equipped with state-of-the-art communications, industrial park close to Saqr port with warehousing and open plots to suit any requirement, technology park for automated manufacturing and the academy zone where some top academic institutions like BITS-Pilani have set up campus. Investors are being enticed with cent per cent ownership, 100 per cent capital/profit repatriation/importing labour, furnished offices and tax exemptions. “You can open an office in three days as registering is easy. It is also 30 per cent to 40 per cent cheaper to set up business here when compared with Abu Dhabi and Dubai,” averred Bissoon Surnam, Regional Manager (India), RAK-FTZ.
Visas number is dependent on the business licence taken with three years validity and licences have to be renewed each year. However, publishing, e-commerce and travel businesses are disallowed. Firms cannot sell directly in the UAE market but through a local agent.
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