The Ras Al Khaimah Investment Authority (Rakia), a government body responsible for the socio-economic growth of the emirate, has announced it has registered a total of 1,000 companies in less than two years of operations, with the milestone achieved earlier than expected due to a record year of rapid growth momentum.

The companies, which are located in the Industrial Zone and the Free Zone in Al Hamra, as well as the Industrial Park in Al Ghayl, operate in diverse industries with investors coming from Europe, the Gulf region, South East Asia and the Indian Subcontinent.  Since its inception, Rakia has successfully attracted almost $2 billion worth of investments, dispersed across the segments of manufacturing; warehousing, cold stores, transport and distribution, tourism, real estate and construction, mineral exploration, extraction and quarrying; food processing and dairy; maritime trade and services and general trade and commerce. 
Rakia revealed that the milestone was achieved shortly after it recorded a 23 per cent growth during Q3 2007, lifting 2007 revenues up by 311 per cent over 2006 to reach a total of Dh118.04 million.  The total land already leased out by Rakia has reached almost 8 million sq m, with more contracts expected to be consummated before the year ends.
“Rakia offers a plethora of excellent investment opportunities as it is at the forefront of the Ras Al Khaimah Government’s initiatives to diversify the economy and achieve long-term sustainable economic growth in the emirate.  Our ability to attract 1,000 companies in such a short period of time reflects our prime suitability as a business destination,” said Dr Khater Massaad, CEO of Rakia.
“Our month-on-month growth has been phenomenal, and based on this, we are envisioning similarly spectacular results next year,” Dr Massaad added.
The rapid increase in the number of companies has been attributed to the emirate’s reputation as a favourable business environment, which boasts of affordable and plentiful land supply, express construction permits, tax-free status, no restrictions on capital repatriation, duty free import of raw materials for manufacturing, and easy access to regional markets. In addition, the authority also facilitates fast business registrations and offers assistance in obtaining all legal, industrial and environmental licences. 
To assist the growing number of companies moving to Ras Al Khaimah, Rakia has also recently inaugurated a business centre that has been established to provide business setup support. The centre, which has the capacity to incorporate up to 50 new companies initially, provides administrative support and incorporates executive offices in various sizes, as well as shared offices and flexi desks, meeting and conference rooms and modern office support facilities.
One of the thriving business enclaves of the emirate and one that Rakia is projecting to investors, among other things, is the RAK Free Zone.
Recently Sheikh Faisal Bin Saqr Al Qassimi, chairman of the free zone commented: “The emirate of Ras Al Khaimah, with its rich culture, scenic locales and high economic activity, is establishing itself as a key business, commerce and investment destination in the region. We are looking to cement RAK as a de facto port of call and access point for investors looking to do business in the region, and RAK Free Trade Zone is one of the key players who have been contributing greatly to achieve this objective.”
Oussama El Omari, chief executive officer of RAK FTZ, said the zone’s strategic plan, which is based on reaching out to potential investors and companies all around the world to promote state-of-the-art services and facilities, had proved to be a real success.
 The free zone witnessed unprecedented interest from international business delegations throughout the world, boosting its investment prospects and strengthening bilateral relations with international entities. This has helped set the stage for more ambitious expansion programmes.
RAK Free Zone attracted 800 new companies in the first half of 2007. At the start of the second half of 2007, some 3,450 companies from 100 countries were operating in the free zone, demonstrating exponential growth from the initial 17 companies that signed on in 2000 when the zone was first established.