Rakia
RAKIA has been set up to fulfill the vision of the Government which is to build a diverse economy that enjoys strong, sustainable growth, by attracting investments from the domestic and foreign markets that will create wealth and raise the standard of living for all the people of Ras Al Khaimah.
[SinglePic not found]The RAKIA was constituted as per Emiri Decree No. (2)/ 2005 issued by H.H. Sheikh Saqr Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah.
The mandate for RAKIA is to work towards reinforcing the investment climate in the Emirate and to promote its various economic sectors.
RAKIA’s brief is to propose investment policies, supervise their implementation, assess economic feasibility studies pertaining to investment and promote developmental projects and investment opportunities, across diverse economic sectors within RAK.
It also facilitates easy processing of application for setting up new projects.The semi-governmental body will have a legal character and would enjoy financial and managerial independence.
RAKIA has so far attracted investors from a variety of sectors, including steel manufacturing, food processing, diaper manufacturing, energy equipment assembling etc.
The RAKIA would also facilitate easy processing of applications for setting up new projects. It has also been assigned the duty of supervising the setting up and licensing of companies wishing to establish investment projects in RAK.
The new Authority will have the brief of proposing investment policies and supervising their implementation, assessing economic feasibility studies pertaining to investment and promoting developmental projects and investment opportunities across economic sectors within RAK.
RAK Investment Authority has been given the mandate to establish, run and operate a free zone in the emirate for foreign investors who wish to have full ownership and to avail of the tax and the duty concessions.
The free zone located adjacent to the RAKFTZ Technology Park on an area of 2.1million square meters, offers land for investors who wish to avail of free zone benefits by setting up limited liability companies with local partners.
[SinglePic not found]Within just three years of its inception RAKIA has more than 16oo companies under its portfolio.
It has amassed over $2.5 billion in industrial investments, powering an unprecedented economic surge that has made Ras al Khaimah one of the fastest growing emirates in the UAE and the region.
Its aggressive expansion initiatives have consolidated the emirate’s reputation as an investment haven for all sectors; in fact the licenses RAKIA has issued show a remarkable balance among key sectors.
Ras Al Khaimah Investment Authority has also made significant investments in infrastructure and knowledge to attract world-class IT and technology companies.
Under the direction of H.H. Sheikh Saud bin Saqr Al Qasimi, the Crown Prince & Deputy Ruler of Ras Al Khaimah, they are persuing the goal of making Ras Al Khaimah a regional hub for industrial manufacturing, service sector & Tourism.
With this vision in mind, a humble beginning was made by setting up RAK Ceramics in Ras Al Khaimah.
The operations of RAK Ceramics in Ras Al Khaimah is the most profitable though they have similar plants in China, India, Bangladesh, Sudan etc. the so called low cost manufacturing bases.
This is due to the unique advantages one gets in operations in Ras Al Khaimah.
RAKIA has formed RAKOFFSHORE, which is a true offshore facility and regularity body offering complete offshore non-resident business registration and financial services.
[SinglePic not found]Real Estate development plays a major role. It sustains the economy by creating jobs and investment opportunities.
The vision led to formation of two real estate development companies, RAK Properties and Rakeen Development.
Rak offshore offers businesses and individuals a wide range of comprehensive services and structures that are dedicated to non-residents.
Rak offshore also benefits from one of the most comprehensive lists of non double taxation treaties in the world, including with China, India, Italy, France and Germany.
Rak offshore is an ideal location for international business location for international business operations and asset protection schemes. If you are looking for an offshore location in the Middle East without too much cost or hassle.
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