Ras Al Khaimah Charts Its Own Economic Course - Middle East Real Time - WSJ

Ras Al Khaimah Charts Its Own Economic Course - Middle East Real Time - WSJ:



"Eclipsed by its fellow emirates Dubai and Abu Dhabi, Ras Al Khaimah is setting its own, more quiet, course towards economic prosperity.



While the emirate’s officials are keen to emphasize what differentiates Ras Al Khaimah from its U.A.E. neighbors, the similarities are undeniably there: its strategy revolves around a familiar theme which is to be the bridge between East and West and to that end it has established a number of free zones.



“The formula is exceedingly simple. The same benefits you can get in other free zones in the U.A.E. – the tax free status, foreign ownership – at a much lower cost in both to set up and to operate. There’s no magic,” said Peter Fort, a former Morgan Stanley banker who is now economic adviser to Ras Al Khaimah’s ruler, Sheikh Saud Bin Saqr Al Qasimi, and also head of the RAK Free Trade Zone Authority, which accommodates around 7500 companies from over a 100 countries."



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