Over 50 Indian firms eyeing operations in UAE economic zone

Over 50 Indian firms are interested in expanding operations in Ras Al Khaimah Economic Zone (RAKEZ) in the United Arab Emirates (UAE), according to a statement issued by RAKEZ in New Delhi recently. The companies include DCM Shriram, MSN Lab and LT Foods. RAKEZ is one of the seven emirates that comprise the UAE and one of the 45 free economic zones in the nation.

RAKEZ group chief executive officer Ramy Jallad said out of the over 14,000 multinational companies present in RAKEZ, 22 per cent are Indian and more is being expected from India.

The economic zone offers uninterrupted power supply, easy access to fast-growing markets in the Middle East, North Africa, Europe, South and Central Asia through major logistical hubs, and is well connected to various countries through road and five ports.

If an investor commits to bear 60 per cent of the cost of a new set-up, RAKEZ will help provide the rest, Jallad added.