RAK Media City studios to be completed in June, says CEO
Rents at Ras Al Khaimah Media City have risen by 20 per cent compared to the rate in 2008, and annual registration fees vary depending on the type of company.
"The rent stands now at Dh120 per sq ft," said Junaid Shaikh, CEO of RAK Media City, as he showed Emirates Business around the site.
"The registration fees range from Dh15,000 for advertising agencies to Dh20,000 for production houses and Dh25,000 for broadcasting companies," he said adding, "These rates are separate from the rent."
When asked about the reason for the rent hike compared to what was previously announced, he said: "We have added more electricity and water facilities to the area to guarantee flow of such services. Plus, when we started constructing, some of our material cost was based on the skyrocketing prices in raw materials."
Meanwhile, the work is on track for the completion of a Dh80 million complex of 24 studios at the Media City in June. The facility will offer a variety of services for the media sector in the UAE and the Middle East region.
"Several months ago there was nothing here but now the buildings are rising and the new studios will be ready in four months time," said Shaikh.
"Despite delays and cancellations of projects elsewhere we are not cancelling any of our previously announced projects. Our plans set out over the last couple of years have not changed due to the financial crisis and we are on track.
"The 24 studios will offer services such as dubbing, production, editing, publishing and photo shoots for media companies that want to make RAK their representative location in the UAE or the region or are looking for a place that is cost-effective."
The entire media city development will cover an area of two million sq ft.
Shaikh said, "Due to issues with electricity supplies in RAK we have set up our own power plant nearby and are currently paving a road connecting the media city with the main road between Al Hamra Island and the city of RAK. "There has been a 100 per cent increase in the number of companies registered [compared to the number in 2008] at the media city and many of these companies will have a physical presence here once the facilities are complete."
"RAK Media City is like a plane that offers the minimum requirements of good service and convenience to its passengers whether they are in first class, business class or economy class.
"It can be seen as an attractive option for media-related companies that wish to maintain a presence in the UAE and the region," he added.
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