Substantial expansion of the world’s largest armoured vehicles manufacturer underscores the Ras Al Khaimah Free Trade Zone’s business-friendly investment environment

Streit Group, an anchor RAK FTZ client, expands Its land lease to nearly 4.5 million square feet

: Wednesday, June 25 - 2014 @ 16:16

Streit Group, the world’s largest armoured vehicles manufacturer, has signed a land lease that will triple the size of its facilities at the Ras Al Khaimah Free Trade Zone (RAK FTZ) to 4.5 million square feet.

“Streit Group’s massive expansion in RAK FTZ demonstrates that the free zone’s world-class facilities and award-winning services can help not only small and medium-sized companies to grow, but can also enable the expansion of very large enterprises,” said Imran Cheema, Director of the Client Relations Department of RAK FTZ.

“Streit has become one of our most valued partners, contributing greatly to Ras Al Khaimah’s growth by showcasing its top-quality products and services. This expansion also highlights Ras Al Khaimah as a global hub of the armoured vehicles manufacturing industry. RAK FTZ congratulates Streit Group on its tremendous growth.”

Streit was established in 1996 in Canada with only a handful of tools and a rented garage. The company expanded to RAK FTZ’s Technology Park in 2006. Today, the company operates in over 100 countries, with 25 global offices and 12 manufacturing facilities worldwide. The most recent expansion in Ras Al Khaimah, from 1.4 million to 4.5 million square feet, will allow the company to increase production from 1,450 units to 1,500 units per year, and to increase the number of its employees from 648 to 1,000 by the end of 2014. The expansion will also include a larger employee accommodation, a glass factory, pre-fabrication facilities, fuelling stations, a helipad, and support manufacturing facilities.

“Ras Al Khaimah has a very convenient location in terms of logistics and transportation, and the RAK Free Trade Zone offers great services as well as flexible terms,” said Guerman Goutorov, the founder and CEO of Streit Group of Companies.

“We are now in the process of constructing a new manufacturing facility for the production of the bullet-proof glass as well as finalising the plans for our new anti-terrorist training centre, where we will offer our customers specialised training in areas such as security, close protection, law enforcement, and both off-road and on-road driving. RAK FTZ has proven to be an ideal partner in our growth over the years in the UAE, and has always supported our vision for meeting and exceeding the world’s growing demand for security.”

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Wednesday, June 25- 2014 @ 16:16 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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