Ras Al Khaimah, May 24: Ras Al Khaimah Investment Authority (RAKIA)has achieved a growth of over 200 percent in the number of companies registeredwith it in Q1 of 2007 over the corresponding period in 2006, taking thetotal number of firms registered with RAKIA to 400.
Encouraged by this phenomenal growth, RAKIA has also drawn upan ambitious plan to enhance investor facilities and to boost the infrastructurecapabilities at the various RAKIA zones at an investment of over AED 1billion.
Reflecting the fast- paced economic transformation of Ras Al Khaimah,RAKIA attracted 112 new companies in the first three months of 2007 alone. Dr. Khater Massaad, Advisor to the RAK Crown Prince and CEO ofRAKIA, said that a massive residential complex is being built to caterto the accommodation needs of investors. It will comprise of a total ofthirty 15- storied complexes with studios and 1-2-3 bedroom apartmentsalong with shopping malls, large parking area etc. The Phase-1 of theproject would be completed in two years time. The other infrastructure upgrades to be implemented by RAKIA includesetting up of a Amenity Centre and a Warehouse complex."As part of our endeavour to provide world- class facilitiesto investors, we are building a state- of- the- art Amenity Center. Thiswould be a multi- storied complex and shall house the corporate officeof RAKIA," Dr. Massaad said.
The complex shall house all the associated government officeslike Civil Defense, Immigration, RAK Police etc to offer complete andcomprehensive services under one roof for the investors. The Amenity Centreis expected to be in operation in the next 18-24 months.RAKIA would also build five warehouses each covering 10,000 squaremetre in the first phase. The first warehouse shall be ready for occupationby January 2008.
RAKIA is also setting up a Customs House to cater to the needsof industries and firms operating in the area. Work on the project inthe RAKIA Free Zone at Al Jazira Al Hamra has commenced and the buildingwill be ready in the next 8 months.
Dr. Massaad said that during its two years of operations, RAKIA'sbusiness proportion has been well received by international investorsincluding global giants like Guardian Industries, Arc International, ZamilSteel and Falcon Technologies International who have selected RAK to basetheir operations in the region. "Our guiding principle in attracting foreign investment has beento simplify procedures by cutting red- tape and help investors harnessthe strategic, locational and cost advantages offered by the Emirate,"he added.RAKIA figures clearly reflect the heightened investor interestin Ras Al Khaimah. RAKIA's Industrial Zone Phase-1 and 2, having an areaof about 2.50 million square meters, have been completely leased out.
A total of 103 companies were registered in the zones with 85% of thefirms engaged in manufacturing sector. The RAKIA Free Zone at Al Hamrawith total area of 1.5 million square metres has also been lapped up byinvestors with the free zone now having a 90% occupancy Dr. Massaad said that the high investor confidence in Ras Al Khaimah,reflected in the quick lease- out of the various zones, has led RAKIAto earmark a massive 21 million square metre area for the Al Ghayl IndustrialPark, of which 3.50 million square metres have already been leased outin just four months time."RAKIA has been able to add a new dimension to investment promotionby offering investment advisory services and even equity participationin selected projects instead of merely acting as license issuers and facilityproviders," Dr. Massaad added.
