Los Angeles-The U.S.-U.A.E. Business Council, in partnership with the Los Angeles Area Chamber of Commerce (LA Chamber), hosted senior American and Emirati leaders for lunch on Monday in support of a senior-level commercial delegation visiting Los Angeles from Ras Al Khaimah, United Arab Emirates (U.A.E.). The luncheon featured keynote remarks by His Highness Sheikh Ahmad Bin Saqr Al Qasimi, Chairman of Ras Al Khaimah Free Trade Zone Authority (RAK FTZ), and an in-depth presentation by Mr. Peter J. Fort, CEO of RAK FTZ.
The luncheon discussion was moderated by U.S.-U.A.E. Business Council Vice President Alexis Serfaty and featured welcome remarks by honored guests U.A.E. Consul General in Los Angeles, His Excellency Abdulla Alsaboosi, and Deputy Mayor of Los Angeles for Economic Development, the Honorable Kelli Bernard. Consul General Alsaboosi and Deputy Mayor Bernard were joined at the event by senior stakeholders from the Los Angeles area and broader U.S.-U.A.E. business community.
“The UAE and the U.S. are long-term economic partners and enjoy a robust trade and investment relationship that has grown dramatically in recent years,” said RAK FTZ Chairman, His Highness Sheikh Ahmad Bin Saqr Al Qasimi. “With one of the most open and dynamic economies in the world, the UAE offers an attractive proposition for US businesses and entrepreneurs, from service and trading companies to manufacturers and educational institutions, to gain traction in the Middle East region and access other potentially lucrative markets in Africa and South Asia.
Following an introduction from Serfaty and LA Chamber Senior Vice President for Global Initiatives Mr. Carlos Valderrama, guests were formally welcomed by H.E. Alsaboosi and Deputy Mayor Bernard. In representing the local market, they were then joined by Mr. Michael (Mickey) Kantor, a Partner at Mayer Brown LLP in Los Angeles and a former U.S. Trade Representative, who provided an impression of business in the U.A.E from the perspective of a global law firm.
“California is one of the top exporting states to the UAE, so it’s fitting to have the Ras Al Khaimah Free Trade Zone delegation in Los Angeles. The RAK FTZ exemplifies the diversity of opportunities for innovation and entrepreneurship that the UAE has to offer, and this visit serves as yet another reminder of the robust UAE-US economic relationship,” said Council General Alsaboosi.
The formal program began with keynote remarks delivered by His Highness Sheikh Ahmad Saqr Al Qasimi, Chairman of RAK FTZ, who discussed the importance of the delegation visit to a key market such as Los Angeles. Following HH’s remarks, Mr. Fort delivered a presentation highlighting the opportunities and benefits available to U.S. and Los Angeles-based companies in setting up a business enterprise in the emirate of Ras Al Khaimah.
During his presentation, Mr. Fort underscored the important commercial role that RAK FTZ plays as a leading hub for business in the U.A.E. Highlighting its proximity to Dubai, relatively low cost of living, and a business friendly environment, Mr. Fort demonstrated how RAK FTZ helps businesses grow while providing the infrastructure to ensure a safe and environmentally friendly location. Immediately following Mr. Fort’s presentation, guests were treated to a brief presentation from Mr. Edwin V. Woodsome, Managing Partner at Dechert LLP, a Los Angeles-based global specialist law firm focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands.
“In addition to our existing 200 U.S. clients, we are seeing increasing levels of interest from U.S. companies, undoubtedly boosted by the RAK FTZ reputation for providing the most cost-effective business establishment solutions in the region, plus the advantage of operating in a 100 per cent tax-free environment,” said Peter Fort, CEO of the RAK FTZ. “Given the ease of access with frequent direct flights between Los Angeles and the UAE, we believe that many members of the Los Angeles business community will be attracted to Ras Al Khaimah to establish their Middle East marketing and sales offices, regional headquarters and logistics hubs at RAK FTZ to take advantage of the growing demand for US products and services in the Middle East, Africa and South Asia.”
Following HH Al Qasimi’s remarks and Fort and Woodsome’s presentations, the floor was opened for a question and answer session with Mr. Fort. During the exchange, local executives were given the opportunity to engage Fort about commercial feasibility and benefits of starting up their businesses at RAK FTZ. Topics covered during the Q&A session included: Cost savings of Los Angeles-based businesses while operating out of RAK FTZ, the effect of lower oil prices on RAK FTZ’s growth, and challenges and opportunities for doing business in the U.A.E.
Serfaty concluded the luncheon by thanking the honored speakers and the business community for joining the discussion. Private business to business meetings between the delegation members and representatives from local companies were held thereafter.
“We have very much appreciated our long standing relationship with Ras Al Khaimah and in particular, His Highness Sheikh Ahmad Bin Saqr Al Qasimi since the Business Council’s inception. We very much look forward now to strengthening this partnership through continued cooperation and lasting friendship,” said Vice President Alexis Serfaty.
Senior Vice President for Global initiatives Mr. Carlos Valderrama also noted that “the presence and visit of His Highness Sheikh Ahmad Bin Saqr Al Qasimi, Chairman of Ras Al Khaimah Free Trade Zone, to Los Angeles is critical in developing closer commercial and industrial ties between business executives from the Los Angeles region and the United Arab Emirates.”
Mr. Fort, HH Al Qasimi, and their senior delegation will continue to hold meetings with public and private sector stakeholders in Los Angeles before traveling to Houston, Texas to attend similar engagements and round out the week.
—
About the Ras Al Khaimah Free Trade Zone (RAK FTZ):
Ras Al Khaimah Free Trade Zone (RAK FTZ) is a gateway to emerging markets with over 8,000 registered companies from more than 100 countries. One of the fastest-growing free trade zones in the UAE, the RAK FTZ is 100% tax-free, allows 100% foreign ownership, and provides award-winning service to help its clients set up and succeed in business.
The costs of living and doing business in Ras Al Khaimah are markedly lower than in other emirates, and far below those of traditional business centres such as London, New York, Hong Kong and Mumbai, allowing for a greater return on investments.
Named one of the top seven free zones in the Middle East, the RAK FTZ has four specialised zones that will suit every investor according to their specific requirements. They include a Business Park for office clients, an Industrial Park for heavy manufacturing, a Technology Park for trading and light manufacturing, and an Academic Zone for educational institutions.
In addition to providing commercial, general trading, consultancy and industrial licences, registering legal entities, and offering competitive and tailored offices, warehouses and land, the RAK FTZ also provides value-added services such as advertising, procurement, event management, recruitment and training assistance for its clients.
Headquartered in Ras Al Khaimah, the RAK FTZ has a business centre in Ras Al Khaimah, as well as promotion centres in Dubai and Abu Dhabi. The free zone is also active in three continents, with liaison offices in Turkey, India and Germany, giving it international reach and scope.
Our capabilities distinctively position us as the best provider of competitive and customised free-zone business services in the region.
With transparent laws and regulations, zero restrictions on capital and profit repatriation, a strategic location less than one hour’s drive from Dubai, state-of-the-art communication facilities and easy access to Ras Al Khaimah’s airport and sea ports, the RAK FTZ welcomes you to explore our proven, business-friendly services.
For more information, visit: www.rakftz.com.
About the Los Angeles Area Chamber of Commerce (LA Chamber):
The Los Angeles Area Chamber of Commerce represents the interests of business in L.A. County. Founded in 1888, the Chamber promotes a prosperous economy and quality of life in the Los Angeles region.
For more information, visit: www.lachamber.com.
