RAK investment authority set up

Ras Al Khaimah established a new quasi-governmental body yesterday that will work to foster a pro-business investment climate, officials said.

The emirate has also laid the basis for the development of a new free zone.

The establishment of the Ras Al Khaimah Investment Authority accords with the vision laid out in Emiri Decree No. 2 (2005), issued by His Highness Shaikh Saqr Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, officials said.

Dr Khater Massaad has been appointed to the post of chief executive of the new authority, as per Decree No. 1 (2005) issued by Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

Dr Massaad is also chief executive of RAK Ceramics as well as Shaikh Saud's advisor on investment-related issues.

The authority is expected to enjoy financial and managerial independence, Dr Massaad said.

It will work to ensure Ras Al Khaimah's investment climate remains favourable to new business. It will also promote the emirate's economy to outside investors.

The authority's duties will include proposing new investment policies and supervising their implementation.

It will also review all feasibility studies produced by businesses interested in investing in Ras Al Khaimah.

The authority will also work to encourage more investment in Ras Al Khaimah's industrial and tourism sectors.

Shaikh Saud will play an active role in the authority's decision-making processes, Dr Massaad said.

Emiri Decree No. 1 (2005) revises the Free Zone Law (2000) and paves the way for the creation of a fourth free zone in the emirate, said Jihad Quzmar, the Ras Al Khaimah Government's legal advisor.

The new authority will have the power to issue licenses to companies applying for space in the new free zone.

The authority is expected to oversee the new zone's development, sources said.

Ras Al Khaimah's first free zone is allotted to commercial enterprises.

The second zone, spreading over 1.16 million square metres, has been allocated for the use of industrial firms and for storage of supplies. The third zone, measuring 700,000 square metres, is located behind the Majan Press Building.

All factories seeking to locate in the new zone will have to satisfy the new authority that they will adhere to strict environmental safety standards, Dr Massaad said.

Ras Al Khaimah is beginning to attract more attention from investors in Europe, Dr. Massaad said. The emirate's Government will send a team of representatives to participate in more international investment conferences to make the most of this development, he said.