The RAK Investment Authority (Rakia) has helped achieve one of the most successful turnarounds in the UAE, playing a pivotal role in pitching the northern emirate to the world’s notice and helping investors globally to set up their businesses there.

Seeking to transform picturesque Ras Al Khaimah into a powerful industrial and business hub, it spent the last 10 years assiduously launching developmental initiatives to support local and international ventures at its two industrial parks, Al Hamra and Al Ghail. As a multi-functional player, Rakia’s vision is centred on becoming the most preferred business destination in the Middle East.

In just 10 years, Rakia has successfully managed to attract investors from all over the globe. The industrial parks of Al Hamra and Al Ghail, have been instrumental in making investors consider ploughing their investments in the emirate, many of whom have actually done so after a review of the attractions. As much as 95 per cent of the Al Hamra Industrial Park has been leased out while Al Ghail is making progress with 30 per cent of its area taken up. The result is Rakia now accommodates a variety of industries rang-ing from metals to automobiles to plastics and FMCGs to construction materials. More than 7,000 companies call Rakia their invest-ment home.

“Striving to offer cost-efficient solutions, prompt and professional services, quality infrastructure facilities and ease of doing busi-ness, the company’s overall identity maintains its principles and continues to consistently enhance its business services while providing a gateway for investment opportunities focusing on industrial and business development,” a Rakia spokesman says. 

Global corporations who have come aboard its two industrial parks include Guardian Glass (USA), Arc International and  Sav-erGlass (both from France), Zamil Steel (Saudi Arabia), Falcon Technologies International (UAE), SeAH Steel (South Korea), Duscho-lux (Germany), Vesuvius and Ahmad Tea (from the UK) as well as Indian companies among whom are Ashok Leyland, JBF, Dabur and Mahindra Motors. Furthermore, at the end of last year, Rakia added two ambitious Indian firms to its tenants list – Asian Fibres, which plans to build the single largest production facility for Regenerated Polyester Staple Fibre (RPSF) in the Mena region, and Everest Industries, which signed a 750,000 sq ft lease at Al Ghail Industrial Park.

Rakia’s client list includes companies from over 100 countries and regions including neighbouring states and Europe who have shown a strong interest in investing with Rakia. In response to that keenness, Rakia has recently been speaking to organisations from Germany, Turkey, Belgium, Nigeria, Switzerland, India, Luxemburg, Bulgaria and Eritrea on the advantages of operating out of Rakia.

STEPPING UP THE PACE

Recent roadshows held in France and India resulted in strategic partnerships with the respective business chambers  as well as fa-vourable stances from potential clients interested in coming to Rakia’s hubs.

The outlook for investments looks good. Rakia has stepped up initiatives with regards to creating infrastructure and facilities, said the spokesperson. As well as leasing more raw land, the authority has started developing additional warehouse facilities to support demand from new and existing clients.

Rakia accommodates a very wide range of sectors at its industrial parks

While construction of the warehouses is underway, Rakia launched a pre-booking system allowing customers to pay 25 per cent of the annual lease rent to reserve warehouse units.

“Rakia’s core is strengthened with the idea that nothing is more valuable than satisfying clients’ needs, increasing productivity, and contributing to the development of the emirate of Ras Al Khaimah and the global business sector,” the spokesman said.

CLIENT RELATIONS

An important feature of Rakia’s services is helping tenants enhance their brand appeal and general satisfaction.

To support Rakia’s quest for customer excellence, Rakia launched a dedicated client relations department this year to handle re-quests and concerns from its tenants. Furthermore, in an effort to reduce power and electricity tariffs, an agreement with Fewa (Fed-eral Electricity and Water Authority) was recently finalised, as a result of which Fewa will be fully responsible for providing power to Rakia’s tenants, ensuring long-term availability of stable power supply at competitive rates.

Rakia held a workshop for its senior leaders and managers as part of its efforts to continually assess and improve internal business processes and build greater engagement with external government authorities.

Held at Al Hamra Convention Centre, it focused on streamlining processes, improving communication and proactively engaging with external government authorities. At the workshop, the quality of its customer service was assessed from the perspectives of the overall customer journey and process lead times, Rakia said.

ACCOLADES

“2014 was an incredibly successful year for Rakia,” said the spokesman. “While scoring a record-high in terms of revenue and per-formance, it was honoured with two awards, the ‘Best Free Zone Middle East 2014’ by the London-based Global Banking and Finance Review and the ‘Best Free Trade Zone in the GCC 2014’ by the London-based International Finance Magazine. Rakia continues to strive to be the undisputed choice for setting up business in the region by taking additional steps and initiatives.

“Rakia, a fundamental contributor to Ras Al Khaimah’s economy, has played a prominent role in the cycle of growth in the emirate. In essence, while endorsing the organisation itself, it promotes the emirate through its marketing and business campaigns. By attracting investors, Ras Al Khaimah's economy continues to boom which essentially allows for more investments and developments directed towards the emirate,” he added.