Ras Al Khaimah Maritime City (RAKMC), the UAE’s fifth port facility and its newest free zone, formally opened for business on Monday.
US$141.57 million has been invested in its development so far, with more expansion planned for subsequent phases.
The development is made up of space for warehouses and other industrial buildings, plus a harbour with an approach depth of 9 metres and 7 metres of space at berth.
Industrial, commercial and general trading licences will be available to companies that set up there. So far, three companies have begun operations in the zone.
“It has the benefits of a free zone environment, and a state of the art, 21st century harbour infrastructure within a developed and established port network,” explained Capt. Colin Crawshank, general manager of RAK Maritime City. “It will provide a cost efficient and highly secure environment for its tenants, as well as quality industrial and maritime complexes, superior logistics and high quality facilities.”
Leases are offered for 25 year periods, with the option to renew for another 25 years. Applications for 99 year leases will also be considered.
There are also plans to tie the RAKMC into the UAE railway system once it reaches Ras Al Khaimah.
Unsurprisingly, management said RAKMC will co-operate, rather than compete, with other ports and free zones in the UAE.
“We see ourselves as complementing each other… we’re looking at potential ways of co-operation,” said Naser Bustami, board member, RAK Maritime City.
