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03 March 2024

Ras Al Khaimah key player in UAE's economic diversification, sustainable development: RAK Ruler

Photo: WAM


Ras Al Khaimah strives to provide an attractive and developed investment environment, supported by a flexible and comprehensive legal framework that meets the needs of companies based in the Emirate, asserted H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, as he inaugurated the new hub of Peikko Gulf in Al Hamra Industrial Zone.

"The fact that multiple high-profile international companies have set up shop in Ras Al Khaimah is testament to the exponential growth sweeping across all economic sectors in the Emirate," H.H. Sheikh Saud added. "This also reflects the developments taking place in the economic ecosystem, which enable it to better meet the needs of companies operating in Ras Al Khaimah".

The inauguration ceremony was attended by Sheikh Ahmed bin Saqr Al Qasimi, Chairman of Ras Al Khaimah Economic Zone (RAKEZ); Finnish Ambassador to the UAE Marianne Nissila; Topi Paananen, Chief Executive Officer of Peikko Group International; members of the executive committee of Saudi Arabia’s Rashed Abdul Rahman AlRashed & Sons Group; and members of Peikko Gulf’s board of trustees.

Peikko is a world leader in supplying concrete connections and composite structures. Founded in Finland in 1965 with a capital of EUR225 million, the company employs approximately 1,800 people in 34 commercial and eight industrial branches around the world. Peikko Gulf employs 80 people of 10 nationalities. At the end of 2019, Peikko Gulf opened its main hub in Ras Al Khaimah on industrial land covering an area greater than 11,000 square meters, as a means to raise its production capacity, which is expected to double to 6,000 tons per year.