Ras Al Khaimah emerges as a top investment destination

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Ras Al Khaimah, UAE: Countries in the Indian subcontinent may be living with one form of hostility or the other, but people of the region, living and working abroad, are great pals to each other. Fast emerging investment and tourist destination Ras Al Khaima (RAK), one of the seven Emirates of UAE, is providing such an opportunity at its Free-Trade Zones, where industries are being set up with 100 per cent imported capital and labour.
In one of such industries in the RAK Free Trade Zone (FTZ), manufacturing cables, offered a splendid view, where four workers — a Sikh from Punjab, a resident of Bihar, a Pakistani and a Bangladeshi national — synchronised well among themselves to produce copper wires. On being asked if they feel any discomfiture working together, Bilal from Pakistan said, “We are all brothers here and we don not only work together rather we live together in the same room. Since all of us belong to the same cultural zone, we even cook and eat together.”
Noting that government representatives and journalists on both sides of the Line of Control between India and Pakistan always try to find one or the other kind of differences, Joginder Singh from Punjab said, “Dispute exists between the political class of the two countries. We have nothing to do with that. We earn and live in peace together.” Though, the other two — the workers from Bihar and Bangaladesh — hesitated to speak on the matter, they agreed to what Bilal and Singh had said.
This, however, is not an isolate case of bonhomie among the people of Indian subcontinent in RAK-FTZ. Many such cases are there, as more than 100 manufacturing units have been established with capital inflow from India, Pakistan and Bangladesh.
Because of its geographical location on the Globe, RAK-FTZ is fast emerging as a link between West and East, where no tax is levied for importing, manufacturing and exporting good and services.
RAK-FTZ was established in 2000 with only 15 companies registered under it. But the number companies grew thick and fast and within one decade the number has swollen to about 9,702. The FTZ has various facilities including a tech park, a business park and an industrial park. Among the investors there about 80 per cent of them are engaged in commercial activities, about 8 per cent are involved in consultancy business and another 6 per cent have manufacturing units.
Highlighting advantages of RAK being one of the hot investment destinations, chief executive officer of RAK-FTZ Oussama El Omari, said, “We are placed between east and west. So we can bring together foreign and Indian businessmen, 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, which are in midst of re-construction. Indian firms can grow internationally as there is a lots of business need to be done.”
Pointing out that India is a key and best market for the RAK-FTZ and entrepreneurs can invest in renewable energy like solar power, the FTZ CEO said, “We already have the largest floating platform for tapping solar energy. India too has a lot of interest in the solar energy and can take part in the Research and Development.”
Highlighting the easy processes in getting licenses for opening offices in the RAK-FTZ, its regional manger (India operation) Bissoon Surnam said, “You can open an office in the zone in three days, as the process of registering is very easy. It is also 30 to 40 per cent cheaper to set up businesses here than Abu Dhabi and Dubai.”
Presently, RAK-FTZ has investment of entrepreneurs from Kerala, Mumbai, Delhi, Ahmedabad and Hyderabad. “Maximum among the Indian investors have come from Delhi-Punjab region,” Mr Surnam said.