Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the youngest free zones in the UAE, is on the fast track. With its 360-degree approach to customer care and satisfaction, the free zone has demonstrated a powerful and strengthened market presence in the first six months of 2010 as a direct result of increased marketing and public relations activities. Its active presence internationally, through sponsorship of and participation in key events and conferences and hosting of high-profile foreign delegations to RAK, has directly translated an ever-increasing number of clients and investors from all corners of the globe.

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"Our customers are the major stakeholders in our success, and we constantly strive to provide them with better business solutions, infrastructure, technology and support. We have a customer-centred approach and a 'can do' attitude," confirms Oussama El Omari, RAK FTZ CEO. "As much as it is possible, we try to reach out to current and potential clients to make their experience with us convenient and rewarding and let them know that our door is always open to assist them in any way we can."

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In 2009, lower oil prices and the global downturn saw nominal gross domestic product (GDP) slump by nearly 21.2 percent to KD31.5bn ($109.57bn), NBK said. Kuwait, which controls around a tenth of global oil wealth and is the fifth largest economy in the region, is expected to enjoy a rebound in GDP of around eighteen percent, the study added.

The sectors forecast to see the greatest growth are banking and transportation. The transport sector has doubled in size and now represents eight percent of GDP, while the financial sector has grown to fourteen percent, up from six percent a few years ago.

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A deal has been inked between Abu Dhabi Finance and Tamouh investments. The agreement will result in a partnership between the two offering the former a chance to become the preferred mortgage lender when the Tamouh sells its real estate projects in the capital city. This was disclosed by ADF after the deal was finalised.

Tamouh, which is the real estate development arm of Royal Group., has remained the leading real estate development agent for a large number of projects in the UAE capital, including Marina Square, which is expected to be completed by the end of this year.

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Reports claim that Kuwait and Iraq will soon be finalising a deal which will set the rules for both the nations to invest in the oil fields that are located across the border of their desert.

Even though Iraq had raised a claim that during the Iraqi invasion of Kuwait in 1990 the latter had stolen billions of dollars worth oil from the shared oil fields, Kuwait has not accepted the charges.

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According to audit reports of the Dubai-based jeweller Damas issued by Ernest & Young, the company will fall prey to "significant uncertainty" during its future operations, provided the jeweller fails to come up with a proper restructuring plan or plan for the extension of debt stalling deal.

Damas had disclosed on August 1, 2010 that it had incurred a loss of 1.91 billion dirhams during the previous annum, a figure which has been calculated after provisions and non-recurring charges of Dh1.9 billion. It had cited in July that the stalling deal had been extended to the end of September with debt worth $872 million.

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