Ras Al Khaimah Investment Authority (Rakia) said it had issued a total of 263 licences to different businesses in the emirate during the first quarter, registering a 75 per cent growth over the same period last year.

Rakia, which operates free and non free zones, industrial parks, issues offshore licenses and is also into real estate development, said it had also set an all-time record with the number of licences issued in March.

According to Rakia, the total number of registered companies in the emirate rose to 2,834. "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."

A total of 40 new Industrial lands (Free zone / non free zone ) had been leased out for different industries, 45 warehouses with a combined area of 14,727 sq m were leased, it added.

Rakia also disclosed that 40,000 sq ft of office space, 70,000 sq ft of labour accommodation and 185,000 sq ft 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 of 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," he added.

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, Dr Massad said.

Rakia also revealed that it is currently negotiating with at least 50 companies from different countries including Belgium, UAE, US, 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, he added.

Rakia during this period had 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.-TradeArabia News Service