Ras Al Khaimah (RAK) is in talks with Indian companies to establish a maritime city, the head of the Ras Al Khaimah Free Trade Zone told the World Free Zone Conference in Hydrabad.
Oussama El Omari, CEO of the Ras Al Khaimah Free Trade Zone (RAKFTZ), said the proposed maritime city project would require investment of around $1bn and would be around 5 million sq m in size.
RAKFTZ is also in talks with the Tata group to establish an IT park and with the GMR Group to set up an aircraft maintenance and repair unit, according to a report by the Indian daily newspaper Business Standard.
Around 950 companies have so far agreed to join the RAKFTZ this year and over a third of these are from India and have committed to investing over $300m, Omari told the World Free Zone Conference in Hydrabad.
Established in 2000, RAK FTZ is home to some 7,000 companies.
Last month, George Abraham, marketing manager of Global Resources, a consultancy firm which helps foreign companies set up in UAE freezones, told Arabian Business that RAKFTZ was currently the most popular free zone for companies looking to set up base in the UAE.
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