263 companies set up operations in Ras Al Khaimah in Q1 of 2010 compared to 150 during same period last year
April 26, 2010
Ras Al Khaimah Investment Authority (RAKIA), which operates free and non free zones, industrial parks, issues offshore licenses and is also into real estate development, has announced that it has issued a total of 263 licences to different businesses during the first quarter of 2010, representing a 75 per cent growth over the same period in 2009 and increasing the total number of registered companies to 2,834. RAKIA also announced that it has set an all-time record with the number of licences issued in March,
There were 101 trading licences and 100 services/consulting licences issued during the first quarter as the two sectors accounted for the most number of licences issued so far this year. 40 new Industrial lands (Free zone / non free zone ) has been leased out for different industries, 45 warehouses with a combined area of 14,727 square metres were leased. RAKIA also disclosed that approximately 40,000 square feet of office space, 70,000 square feet of labour accommodation and 185,000 square feet of commercial space were leased during the same period.
Likewise, RAK Offshore, the strategic business unit of RAKIA, has also achieved impressive growth in the first three months of 2010. A total of 276 offshore International Business Companies (IBC) were established in the first quarter of this year, representing a 90 per cent growth over the corresponding period in 2009. In addition, RAK Offshore licensed seven new Registered Agents during the first quarter of 2010, increasing the total number to 70. These Registered Agents comprise prestigious law firms, business consultants and chartered accountants.
Dr. Khater Massaad, CEO, RAKIA said: "The record-setting influx of international investors this year is a confirmation of the success of our long-term development strategy, which has been focused on strengthening Ras Al Khaimah's economic foundations by enacting business-friendly policies, developing world-class infrastructure and nurturing a competent manpower base. The increasing number of registered companies likewise manifests the emirate's economic resiliency and excellent reputation as stable, secure and profitable investment destination and business base for multinationals operating in the region."
In addition to the trading and service/consulting companies, a total of 40 industrial licences, 16 commercial licences and 27 media licences were issued during the first quarter. RAKIA has also revealed that it is currently negotiating with at least 50 companies from different countries including Belgium, UAE, USA, Kuwait, Egypt, Turkey, Italy, India, Germany, France, Pakistan and Canada, to set up various businesses and investment activities in the emirate. Hundreds more have already expressed interest to establish operations in Ras Al Khaimah within the year as RAKIA continues to expand its facilities and services for a wider range of businesses.
RAKIA during this period has participated in various trade events and exhibitions in India, China, Dubai (Gulf Food, Middle East Electricity and Woodshow), Germany (Hannover Messe) and Spain ( Alimentaria) to promote the emirate's investment potential in areas such as automotive, healthcare, energy, and food and beverages.
Since its establishment in 2005, RAKIA has become one of the pillars of the emirate's economic progress, generating billions of dollars in annual revenues through groundbreaking investment initiatives within the emirate and across international markets. Aside from managing Ras Al Khaimah's Industrial Zone and Free Zone in Al Hamra, and the Industrial Park in Al Ghail, RAKIA has also expanded its operations in other key sectors including offshore services, education and technology, real estate, transportation, energy and investments.
