RAK FTZ welcomes high profile Canadian trade delegation

Ras Al Khaimah Free Trade Zone (RAK FTZ) welcomed a Canadian trade delegation yesterday led by Her Excellency Sara Hradecky, Ambassador of Canada to the UAE.

The 74-group delegation also included representatives from the Canadian Embassy, Canadian Business Council based in the UAE, and 10 companies from Canada including Luc Larochelle, President of Nautic & Art, Richard Garon, President of Spraylogik, Nicolat Thuot, Director General of Equiparc Manufacturer and Michel Julien, President of Moderco Inc.

Oussama El Omari, CEO of RAK FTZ met the delegation at the Hilton Hotel together with representatives from RAK Chamber of Commerce and Industry. A RAK FTZ presentation highlighted the free zone’s many competitive advantages, such as 100 per cent tax exemption and 100 per cent foreign ownership.

Later on, at the Canadian Embassy reception at the Hilton Resort and Spa, the delegates were also given the chance to mingle and talk to Canadian company representatives based at RAK FTZ such as Streit Security Vehicles FZE, International Armoured Group FZE, Canadian Engineering Supplies FZE and several others, to get first-hand experience about doing business in the UAE.

“We are very honoured that the Canadian delegation travelled to Ras Al Khaimah,” says El Omari.
“What we had today was a great opportunity to show H.E. Sara Hradecky and the delegation the great business opportunities that are available within the emirate.”

El Omari was proud to highlight the contribution of the 96 Canadian-owned companies currently registered at RAK FTZ and mentioned to the delegation that there is a great opportunity to increase trade volumes. Currently, UAE accounts for 25% of the total trade volume of $3.6 billion between Canada and the GCC.

“The relationship between Canada and the UAE has grown through increased trade and investment flows between the two countries. What we are focusing on now is how we can further strengthen these economic ties for both parties,” says El Omari. “Overall, the meeting between RAK FTZ and the delegation proved to be the ideal venue to explore further trade relations between our countries.”

RAK FTZ is one of the fastest growing and most cost-effective free trade zones in the Middle East and is home to companies from around the globe.

Ras Al Khaimah Free Trade Zone (RAK FTZ) is a world-class business hub and a vehicle for industrial growth and development. The free zone, with its cutting-edge technology and keen customer focus, offers on-demand and custom-built support services to investors in a cost-effective and flexible environment. The free zone also offers a range of unique services, which include the legal, human resources and marketing assistance.

RAK FTZ has created a system of four Parks – Business Park, Industrial Park, Technology Park and Al Ghayl Industrial Park – which offer identical advantages and benefits to investors. Backed by legislations allowing 100 per cent foreign ownership, a tax-free environment, transparent laws and 100 per capital and profit repatriation, the free trade zone is well positioned for global commerce.

Ras Al Khaimah Free Trade Zone is one of the fastest growing free trade zones, with companies from 106 countries around the globe. For more information visit www.rakftz.com.