RAK investments top Dh15bn mark




Investment in projects under construction in Ras Al Khaimah has topped the Dh15 billion mark, a senior official has revealed.

The total includes Dh2bn in the industrial sector, said Dr Khater Massaad, CEO of Ras Al Khaimah Investment Authority (Rakia).

He said industry was at the heart of the development of the emirate’s economy. The authority has leased eight million square metres of land for industrial use and has attracted a diverse mix of industries financed by European, Arab, Southeast Asian and Indian investors.

“The world’s top countries are industrial ones,” Massaad told Emirates Business. “Ras Al Khaimah has a solid industrial base represented by Ras Al Khaimah Ceramics, Gulf Pharmaceutical Industries and others.

“The emirate offers investors a modern legislative environment that supports the private sector, in addition to the infrastructure and power projects that are currently being implemented. Ras Al Khaimah is busy in the development of four sectors – industry, tourism, trade and real estate.”

Masaad said the emirate had set its sights on achieving balanced progress across all sectors. It was taking into consideration the need to ensure that development did not result in unwelcome side effects such as traffic jams and a high cost of living, as had happened elsewhere in the region.

“Sectors represented in the emirate range from manufacturing, tourism and construction to food processing, maritime services, and trade and commerce. And RAK Media City is being developed.

“Factors such as 100 per cent income and corporate tax exemptions, 100 per cent capital and profit repatriation, easy availability of labour, easy licensing procedures, excellent port facilities and the absence of foreign exchange controls, trade barriers and quotas, have attracted investors from across the globe.”

He said production costs were lower in Ras Al Khaimah than in traditional markets such as Dubai and Abu Dhabi, a factor that could prove attractive to expat investors living in the UAE.