Business | Investment
RAK attracts Dh2.5b in investment
The Ras Al Khaimah Investment Authority (RAKIA) has attracted Dh2.5 billion in industrial investments in its first year of operations.
- By Nasouh Nazzal, Staff Reporter
- Published: 00:00 June 22, 2006
Ras Al Khaimah: The Ras Al Khaimah Investment Authority (RAKIA) has attracted Dh2.5 billion in industrial investments in its first year of operations.
The new investments are spread over the RAKIA Free Zone and the Industrial Zone which have registered 86 new firms since its launch last year.
According to RAKIA figures, around 70 per cent of the Free Zone land of 2.19 million square metres and 80 per cent of the Industrial City (non-free zone) of 5 million square metres have been leased.
"The transparent and proactive business culture promoted by Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, has captured the attention of big-ticket global investors who are now queuing up to make RAK their manufacturing base. The project costs for setting up a new factory in RAK has been about 20 to 25 per cent less compared to other destinations on account of better logistics, no incidence of duties and overheads or costs incurred in bureaucratic delays" said Dr Khater Massaad, advisor to the ruling family.
Besides, RAKIA offers one-stop-shop benefits to investors like easy licensing procedures, world class infrastructure facilities and availability of land, alongside other facilities.
"Moreover the astounding success of RAK Ceramics in the global arena, with exports to more than 128 countries across five continents, is a powerful testimony to investors that RAK has all that it needs to excel in the manufacturing sector," he said.
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Among the global industry majors which have started operations in RAK include Guardian Industries which is setting up a $115 million float glass plant and Falcon Technologies International which has set up a hi-tech DVD plant.
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