RAKIA Maintains Strong Investor Interest

RAKIA is the Ras Al Khaimah Investment Authority which is a government body in Ras Al Khaimah. From January to May 2009, a total of 289 licenses have been issued to various businesses operating across various free zones within the emirate. These licenses were issued to a diverse range of businesses which includes commercial, consulting, trading, media, and industrial companies. This government body of Ras Al Khaimah further revealed that the economic diversification strategy of the emirate is on track.

Moreover, some newly approved businesses have also been added therefore, since 2006, Rakia has issued around 1983 licenses. 529 commercial companies are actually operating in the Rakia free zones reflecting 26 percent of the licenses issued by Rakia. The CEO of Rakia, Dr. Khater Massaad said: “With respect to the ongoing global economic challenges, we are very satisfied with the growth rate that we have achieved. The continued influx of foreign investors and the growing level of international interest in the emirate have been achieved primarily because of the proactive support of the government in terms of infrastructural development and establishing pro-investment policies.”

In 2006, this investment authority issued 10 trading licenses and last year the figure of licenses rose to 113. This year, Rakia is again expecting a positive growth rate in the trading sector. Moreover, the demand for warehousing facilities is also increasing thus; Rakia announced that ready warehouses are being constructed in an area of 186,000 square meters. The investment authority has also issued licenses to 450 consulting and service companies, 209 media companies and to 288 trading companies. Foreign investors in this emirate are also benefitted from 100 percent capital. Moreover, there are easy licensing procedures, easy availability of labour, excellent transportation facilities and a lot more.

Therefore, a vital role is being played by Rakia in nurturing the investment landscape for this emirate.