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UAE Freezones Biz News Updates
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Franke LLC announce a second lucrative investment in Ras Al-Khaimah
Franke LLC
continues to grow strong, in turn motivating the company to invest bigger
and looking to increase its workforce. 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 Dhs30m in Ras Al-Khaimah
(RAK).
The development follows an initial investment of Dhs50m 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 Dhs30m 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 $3.5bn 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%). |
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Courtesy AME Info FZ LLC
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