Ras Al Khaimah seeks Jordanian investors

AMMAN — Ras Al Khaimah Free Trade Zone executives on Monday offered Jordanian investors and businesses the opportunity to start operations at the zone.

The executives met with over 100 Jordanian investors and businesspeople, and reviewed with them  investment opportunities in the zone. 

Ramy Jallad, acting chief executive officer of Ras Al Khaimah Investment Authority, said the potential is high for attracting investors from Jordan to open companies in the zone, which offers a wide variety of incentives and facilities.

At present,  more than 8,500 companies registered in the zone operate in 50 different fields that include industry, services, IT, commerce, consultations, among others.

Of the total , there are about 250 Jordanian companies whose businesses include  garment, export and import services, IT, general services, among others, Jallad told reporters Monday.

There are also 250 Jordanian companies that also operate outside the zone, said Jallad.

Sheikh Ahmad Bin Saqr Al Qasimi, chairman of the RAS Al Khaimah Investment Authority, highlighted the incentives offered by the zone, stressing that attracting more investments will help increase the $1 billion annual trade exchange between Jordan and the United Arab Emirates (UAE).

Al Qasimi emphasised that there is a large room for increased economic cooperation between the two sides.

Reviewing benefits of starting businesses in the zone, Al Qasimi said cost of living in Ras Al Khaimah is at least 25 per cent less than in other emirates in the UAE. In addition, there are exemptions from taxes in the country.

The UAE, he said, is signatory to several agreements with several countries across the world to avoid double taxation.

Al Qasimi added that the cost of starting a business in the zone is 25-50 per cent less than that in other zones in the UAE.

Noting that  the zone was created in 2000, he described it as one of the fastest growing zones in the UAE.

Also Monday, the authority signed a memorandum of understanding with the Jordan Chamber of Commerce to enhance cooperation between the zone and the chamber, and holding regular mutual meetings to further deepen ties.

The memorandum of understanding also includes holding joint activities for promoting investments.