RAK scouts for Indian partners

Ras Al Khaimah (RAK), which is a part of the United Arab Emirates (UAE), is in talks with Indian companies to set up a maritime city, according to its Free Trade Zone (FTZ) chief executive officer Oussama El Omari.

Speaking to the media here on Friday, Omari said the maritime city project would come up in an area of 5 million square metre at the sea and would require an investment of about $1 billion (about Rs 4,670 crore). This would be a technology oriented project, he said.

RAK would also explore the possibility of partnering the Tata group to set up an IT/ITeS park and with GMR group for setting up an aircraft maintenance and repair unit in the FTZ.

Omari said FTZ was scouting for Indian partners to set up units in FTZ in construction, food, technology and others. It aimed at having 2,000 new companies by the end of this year and over 950 companies have so far joined the FTZ.

About 35 per cent of these companies were from India and they have collectively committed an investment of over $300 million.

The Dubai debt crisis would not impact the investment flows to the UAE, he said, adding that the UAE capital, Abu Dhabi, and other areas were emerging as global hubs for various activities.