5/7/2008

Ras Al-Khaimah Free Trade Zone to invest in Istanbul

Today’s Zaman - The Ras Al-Khaimah Free Trade Zone (RAK FTZ) -- which opened a representative office in Istanbul in January 2008 due to growing Turkish interest in the zone -- is planning to make direct investments in Turkey. The RAK FTZ is one of the fastest-growing free trade zones in the Middle East, located in one of the United Arab Emirates -- Ras al-Khaimah -- 70 kilometers from business hub Dubai. The zone has currently attracted 4,390 companies from 106 countries with tax exemptions and labor and rent advantages. In a meeting with Turkish press members last week, RAK FTZ Chairman Sheikh Faisal Bin Saqr Al Qasimi said they were assessing investment opportunities in Turkey. They plan to operate in their field of expertise, he said -- free trade zone operations and services. "I am planning investment that combines business and tourism in İstanbul," he said.