Global crisis will not hit RAK free zone plans - CEO

EXPANSION PLAN: Projects at Ras Al Khaimah Free Zone will not be affected by the global crunch, its CEO has said.

The current global financial slowdown will not impede Ras Al Khaimah Free Zone’s (RAK FTZ) expansion projects, CEO Oussama El Omari has announced.

He said that developments such as Navigator Business Campus and preparation of phase two of the Industrial Park will push through, along with the flagship projects, within the next three years.

“The crisis is temporary,” El Omari said. “And it would help the country shape a more robust UAE economy in the future.”

The zone has reviewed its approach to foreign direct investments to assist them in their venture to the region and help them deal with the crisis, he added.

El Omari also announced that RAK FTZ was committed to providing assistance to investors to get them bank funding for their projects and to lower their costs.

The zone was named the leading emerging free zone in the region for the second year and has registered a total of 5,476 companies by the end of 2008.

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