Ras Al Khaimah: the new free trade zone for real estate
Ras Al Khaimah is fast emerging as a real estate free trade zone in the Emirate region. On May 26th, 2007, the RAK celebrated its 7th anniversary as a free trade zone in the Middle East more so for the real estate sector. This region saw a boom on the real estate production front where a total of 3,186 international companies invested in a grand sum of around $ 1.1 billion as capital investment, with a major chunk of that investment going to the real estate market.
Many of the leading dignitaries from real estate companies in the free trade zone along with officials from the government bodies, attended this occasion, involving large scale media presence. So much so that his highness sheikh Faisal Bin Saqr Al Qassimi who is also the chairman of the Ras Al Khaimah FTZ remarked that it was indeed a fruitful year for real estate industry and business in Ras Al Khaimah. He also stated that the Emirates with rich scenic beauty and rich culture has established itself as a centre for high producing economic activity and a prominent real estate investment destination. He said that Ras Al Khaimah is willing to impost the real estate market as a convention for the key real estate investors. A major accomplishment of the Ras Al Khaimah free trade zone is that last year it launched an offshore real estate program which is designated as “International Registry”. This real estate program allows a real estate investor of foreign origin to register the offshore real estate company in the real estate free trade zone of Ras Al khaimah. This scheme is the first of its kind to be introduced in the real estate sector of Ras al khaimah, UAE. It would help the real estate companies to reap the benefits from Ras Al Khaimah’s tax free environment without even establishing their presence physically in emirates real estate market.
The free trade zone of Ras Al Khaimah won the prestigious “young achiever award” and “the best emerging free trade zone”, last year during the Middle East logistics awards of 2006. The awards were collected by his highness Sheikh Faisal Al Qassimi. Going parallel to its expansion the RAK FTZ which is also an ISO 9001:2000 certified company, is considering Emiratization where it is targeting 50 percent of its work force in real estate industry with UAE nationals only. By end 2007, the RAK free trade zone is considering a two-fold increase in its work force.
Many of the leading dignitaries from real estate companies in the free trade zone along with officials from the government bodies, attended this occasion, involving large scale media presence. So much so that his highness sheikh Faisal Bin Saqr Al Qassimi who is also the chairman of the Ras Al Khaimah FTZ remarked that it was indeed a fruitful year for real estate industry and business in Ras Al Khaimah. He also stated that the Emirates with rich scenic beauty and rich culture has established itself as a centre for high producing economic activity and a prominent real estate investment destination. He said that Ras Al Khaimah is willing to impost the real estate market as a convention for the key real estate investors. A major accomplishment of the Ras Al Khaimah free trade zone is that last year it launched an offshore real estate program which is designated as “International Registry”. This real estate program allows a real estate investor of foreign origin to register the offshore real estate company in the real estate free trade zone of Ras Al khaimah. This scheme is the first of its kind to be introduced in the real estate sector of Ras al khaimah, UAE. It would help the real estate companies to reap the benefits from Ras Al Khaimah’s tax free environment without even establishing their presence physically in emirates real estate market.
The free trade zone of Ras Al Khaimah won the prestigious “young achiever award” and “the best emerging free trade zone”, last year during the Middle East logistics awards of 2006. The awards were collected by his highness Sheikh Faisal Al Qassimi. Going parallel to its expansion the RAK FTZ which is also an ISO 9001:2000 certified company, is considering Emiratization where it is targeting 50 percent of its work force in real estate industry with UAE nationals only. By end 2007, the RAK free trade zone is considering a two-fold increase in its work force.
posted by Property Reporter at
10:22 PM
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