Ras Al Khaimah Free Trade Zone set for expansion

rak-ryanlackey-flickrThe Ras Al Khaimah Free Trade Zone is debt-free and funding its expansion projects. (Image source: Ryan Lackey/Flickr) The Ras Al Khaimah Free Trade Zone (RAK FTZ) is planning to expand its existing facilities in order to meet the growing economic demands of the emirate

RAK FTZ is considered one of the most business-friendly trade zones in the UAE. It houses four free zone parks - a business park, an industrial park for heavy manufacturing, a technology park for light manufacturing and trading, and an academic park for educational development. Over 7,500 companies across 50 industrial segments work out of RAK FTZ.

Peter Fort, chief executive of the RAK FTZ, said that a healthcare segment would be incorporated in RAK FTZ’s academic park, construction of which would begin in the first half of 2016.

The healthcare segment would support the Sheikh Khalifa Specialist Hospital by incorporating nursing schools, labs and wellness facilities. The US$272mn hospital was funded by a grant from UAE’s president Shaikh Khalifa Bin Zayed Al Nahyan, according to local reports.

In addition, the government-owned trade zone is also looking to establish international schools in its academic park, which already houses India’s Birla Institute, Switzerland’s EPFL and UK’s Bolton University. Fort added that discussions were underway with Birla Institute to increase the size of the existing facility.

The technology park is also preparing for immediate expansion, according to Fort. All expansion plans are funded by RAK FTZ, which is currently debt-free.

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