The Ras Al Khaimah Investment Authority (RAKIA) is set to expand by 25% next year, according to Chief Executive Dr Khater Massaad.
"In 2012, RAKIA will increase - in my opinion - by 25% in the number of licences and fixed business," Massaad told Zawya on the sidelines of the Global Arab Business Meeting held on 9 and 10 October in Ras Al Khaimah, an emirate in the United Arab Emirates. The event was co-hosted by RAKIA and the emirate's Department of Economic Development.
"RAK Investment Authority's performance is very good - it's growing. This year [2011] we have increased our licensing and business by 20% to 25%. We have more companies coming [to the emirate] and events like this are contributing to help get RAKIA more known to the world and to explain about the potential Ras Al Khaimah has," Massaad said.
The meeting was attended by His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, and His Highness Sheikh Mohammed Bin Saud Bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah.
The two-day event has attracted business leaders from across the region and globe.
"His Highness wants us to mostly concentrate on investments and industrial investments," Massaad said of RAKIA's focus.
The number of licences issued at the Department of Economic Development grew by 28% from 2006 to 2009, with commercial licences being the type most issued. The number of commercial licenses issued grew by 31% in that period, according to statistics released by the department.
Massaad said the Arab Spring had not affected the investment authority: "On the contrary, actually; in fact, our licensing every month is getting better," he said.
The inaugural Global Arab Business Meeting was held last year in the emirate. RAKIA is the Ras Al Khaimah government entity responsible for attracting foreign direct investment into the emirate.
© Zawya 2011
