In testament to the lucrative opportunities made possible with Ras Al-Khaimah Investment Authority (RAKIA), the government entity responsible for attracting investments to its free zones and industrial parks through a complete range of solutions to local and foreign investors; Franke LLC has announced that it will be making a second investment of AED 30 million in Ras Al-Khaimah (RAK).
The development follows an initial investment of AED 50 million to found Franke LLC in RAK, where Franke Artemis Group - the world's leading provider of intelligent systems for domestic kitchens, professional food service, innovative and customized coffee solutions, beverage systems and intelligent washroom solutions - choose as the ideal destination to aid in ambitions for international expansion into the UAE, KSA, Qatar and Oman. Three successful years later and Franke LLC continues to grow strong, in turn motivating the company to invest bigger and looking to increase its workforce to 80 employees.
Alexander Pieper, Managing Director Franke LLC, "We initially got in touch at the Big 5 Exhibition in 2006, where it became obvious that we had found the best business partner for our international expansion. Since then, everything from setting up operations, to expanding, has been made possible - and easier - with the help of RAKIA."
The company's name has also been linked with many prestigious projects in the region including Cidra Medical Centre in Qatar (for Qatar Foundation), Military Camp Oman - Royal Guard of Oman, Novotel & Ibis Hotel Abu Dhabi, Al Hamra Palace Hotel in RAK, 360 mall in Kuwait, Princess Noura's University in Saudi and King Abdullah University Hospital.
The AED 30 million investment is spent to expand the existing facilities including a new and energy efficient building. The expansion comprises a production site with new technologies, a new logistic center, new training facilities, a new showroom and new offices.
RAKIA has enjoyed a steady stream of Swiss ventures since its inception. The government authority also lists over 60 companies from Switzerland that have landed in RAK including CSEM, EPFL Middle East, Swiss International Chocolates and Falcon Technologies.
Karam Al Sadeq, Deputy CEO of RAKIA, commented, "We are proud to be host to many international names that continue to make the emirate their home with us as their guide. Franke LLC has already established its place as a highlight in our portfolio; the new development propels its position even further."
RAKIA continues to draw in investors who appreciate a distinct list of benefits that include zero corporate or personal taxes, no VAT, single window clearance, no restriction on hiring of expatriates, 100% ownership of companies, along with low setup and lease costs.
RAKIA has witnessed a rapid pace of development right since its inception, attracting over US$ 3.5 billion in private investments. It is now recognized as one of the world's 10 best economic potential free zones, according to FDI Magazine's global ranking of economic zones.
Foreign direct investments have been invaluable in the steady rise of RAK as an industrial hub, with non-resident investors who come from India (28%), Europe (21%), Asia/SE Asia (9%), USA (3%), Russia/CIS (3%) and others (8%); that continue to seek licensing in Industrial (13%), Trading (37%), Commercial (14%), Consulting and Services (29%) and Media (7%).
About Ras Al-Khaimah Investment Authority (RAKIA):
RAKIA is the government entity responsible for attracting investments to its free zones and non-free zones facilities of its industrial parks through a complete range of solutions for local and foreign investors.
With over 11,000 companies currently registered with RAKIA, the entity is a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities. The extensive range of services eases the transition for potential business investments, with an array of flexible solutions that range from more short to long-term. From flexi offices to warehouses, RAKIA allows investors to turn business plans into a reality with its tailor-made services.
RAKIA offers investors to enjoy UAE TAX regime, 100% repatriation of profits and capital, complete foreign ownership in free zones, no tax on the import of raw materials and machinery, no restrictions on hiring a workforce, low rent options for long-term leasing, a dedicated power plant providing utilities for its industrial parks, as well as land, air and sea connectivity from Ras Al-Khaimah to major markets in the UAE and surrounding regions.
For further information, please contact:
Rana Al Borno
Account Manager
Cicero & Bernay Public Relations
Tel: + 971 4 334 2966
Mob: + 971 55 1686 991
E-mail : rana@cbpr.ae
Website: www.cbpr.ae
© Press Release 2012
