Ras Al Khaimah Investment Authority (Rakia), the government body responsible for the socio-economic growth of the emirate, has registered a total of 1,000 companies in less than two years of operations.

The milestone was achieved earlier than expected due to a record year of rapid growth momentum, said an official spokesman.

The companies, which are located in the Industrial Zone and the Free Zone in Al Hamra, as well as the Industrial Park in Al Ghayl, operate in diverse industries with investors derived from Europe, the Gulf region, South East Asia and the Indian subcontinent.

Since its inception, the Investment Authority has successfully attracted almost $2 billion worth of investments, dispersed across industries such as industrial and manufacturing; warehousing; cold stores; transport and distribution; tourism; real estate and construction; mineral exploration extraction and quarrying projects; food processing and dairy; maritime related industries and services; and trade and commerce.

The authority revealed that the milestone was achieved shortly after RAKIA recorded a 23 per cent growth during Q3 2007, bumping 2007 revenues up by 311 per cent over 2006 to reach a total of Dh118.04 million ($32.1 million).

The total land already leased out by RAKIA has reached almost eight million square meters, with more contracts expected to be consummated before the year ends.

“Rakia offers a plethora of excellent investment opportunities as it is at the forefront of the Ras Al Khaimah Government’s initiatives to diversify the economy and achieve long term sustainable economic growth in the emirate.  Our ability to attract 1,000 companies in such a short period of time reflects our prime suitability as a business destination,” said CEO of Rakia Dr Khater Massaad.

The rapid increase in the number of companies has been attributed to the emirate’s reputation as a favourable business environment, which boasts of affordable and plentiful land supply, express construction permits, tax free status, no restrictions on capital repatriation, duty free import of raw materials for manufacturing, and easy access to regional markets. In addition, the authority also facilitates fast business registrations and offers assistance in obtaining all legal, industrial and environmental licences. 

To assist the growing number of companies moving to Ras Al Khaimah, Rakia has also recently inaugurated a business centre that has been established to provide business setup-support.

The centre, which has the capacity to incorporate up to 50 new companies initially, provides administrative support and incorporates executive offices in various sizes, as well as shared offices and flexi desks, meeting and conference rooms and modern office support facilities.- TradeArabia News Service