Business & Money | Friday 13 March, 2015 3:48 am |

Peter J Fort, CEO, Ras Al Khaimah Free Trade Zone (RAK FTZ), led a delegation to Australia seeking to share the free zone’s business set-up and expansion benefits with Australian investors. The mission also sought to enhance trade between the United Arab Emirates (UAE) and Australia, and to create new investment relationships between the two countries.
Mr Fort conducted a series of high-level meetings with key government and investment bodies in Melbourne and Sydney over a five-day period from 9 March to 13 March 2015. This first RAK FTZ marketing trip to Australia was part of a RAK FTZ initiative to facilitate the growth and expansion of successful Australian companies in the Middle East, anchored in the business-friendly investment environment of Ras Al Khaimah.
The UAE and Australia have shared a long-standing bilateral trade relationship in areas such as minerals, oil and gas, and agricultural items including grains, meat and livestock. Additionally, the UAE is ranked first on the Australian list of trade partners in the Middle East and North Africa (MENA) region. The UAE is also the 14th-largest trade partner worldwide with Australia.

“Australian investors can expand their companies into the UAE by taking advantage of the trading and logistics hubs at RAK FTZ, which allow them easy access to key global markets with their products and services, while maintaining the option to keep their base of operations in Australia,’’ Mr Fort said. “There is an enormous potential in the GCC market to enhance the trade of Australian products and services. Australian companies can set up trading, marketing and sales offices, regional headquarters, as well as trading and logistics hubs at RAK FTZ that will allow them to operate with complete freedom from taxes, full repatriation of profits, and lower costs, allowing them to achieve the maximum return on their investment.”
Mr Fort added: “Ras Al Khaimah’s recent ranking by the London-based fDI Magazine, a subsidiary of Financial Times Ltd, among the top 10 global small and medium-sized cities of the future – along with Belfast, Edinburgh, Zurich and Geneva – highlights the fact that Ras Al Khaimah is a significant international business destination for Australian companies.”
Currently, there are 65 active Australian companies at RAK FTZ. Over the last three years, there have been numerous enquiries from Australian investors who were interested in setting up operations at the free zone. This high level of interest from Australia prompted the RAK FTZ delegation this week to explore further opportunities to share the investment benefits of doing business in Ras Al Khaimah.

To name a few Australian companies at RAK FTZ: Africa Gold FZC trades in pearls, precious stones and non-manufactured precious metals. I DG Security Middle East FZC trades in computer software, security control and alarm equipment. Ngofila FZE trades in cookers, cook stoves, audio visual equipment, record equipment and accessories, as well as household electrical appliances, electrical and electronic appliances spare parts, ventilators, fans, water heaters and air conditioners. Golden Gate International FZE refurbishes and rebuilds new, pre-owned and used laboratory, medical and pathology equipment.
Golden Gate International FZE was established at RAK FTZ in 2010. It currently conducts business in Australia, New Zealand, Indonesia and the UAE, and is looking to expand into Italy, as well. The company chose RAK FTZ because of its strategic geographical location as a gateway to the most dynamic markets in the world. It also selected RAK FTZ because of the free zone’s wide array of business set-up services that have helped the company to succeed. RAK FTZ also offered lower costs than other free zones, allowing the company to maximise its profits.

“Australian companies at RAK FTZ are already enjoying the free zone’s advantages of fast-track licensing and registration, investor, employee and dependant visa issuance, freedom to source labour and materials from around the world and ongoing business support services including advertising, recruitment and training for employees, among other services,” Mr Fort said. “By meeting with government agencies, companies, industry associations, and local chambers of commerce in Melbourne and Sydney, the RAK FTZ delegation has shared these benefits with more Australian investors. RAK FTZ is the best place in the world for Australian businesses to expand.”