Property developer Rakeen has partnered with Ras Al Khaimah Investment Authority (Rakia) to establish RAK Business Invest, an initiative that offers foreigners as well as UAE residents an opportunity to invest in the UAE and own a luxurious residential unit through a single transaction.
RAK Business Invest is being projected as an all-in-one investment package inclusive of an office space, a residential unit, simplified visa processing procedures and a wide range of value-added business and lifestyle benefits. Overseas investors who avail themselves of the package may choose from a selection of commercial amenities including furnished office space, commercial space, retail space, land, warehouse, cold storage or serviced apartments. They are also entitled to acquire well-appointed studio, one-bedroom, two-bedroom or three-bedroom beachfront residential units at Bab Al Bahr, the centrepiece development of Al Marjan Island, the first man-made island in Ras Al Khaimah.
Wahid Attalla, executive director, Rakeen, said: “We are creating a new and more attractive gateway for foreigners to expedite and gain greater value for their investment initiatives in the UAE. RAK Business Invest enables investors to enjoy a wide range of economic benefits as well as value-added incentives such as an integrated point of contact to facilitate both their commercial and residential requirements.”
Innovative Solutions
Attalla described the joint initiative as a “breakthrough” and said the two parties were fully committed to innovative solutions to protect the interests of foreign investors in the emirate.
Jeremy Savory, commercial director, Rakeen, said, “Ras Al Khaimah has been gaining solid ground as a favourite destination of leading investor groups globally, and the RAK Business Invest initiative is another important step that will help further cultivate strong bilateral relations with these countries.”
He pointed out that RAK Business Invest targets all nationalities and business sectors, as the more diversity the better. There would be road shows and one-on-one meetings with high-networth individuals and leading business and investment figures in various countries. A dedicated sales team would attend to the requirements of investors availing themselves of the RAK Business Invest package.”
Elaborating on the initiative, a joint statement said RAK Business Invest served as a one-stop solution wherein investors could make a single transaction to obtain both commercial and residential properties. The new service facility offered three levels of investment packages: silver, gold and platinum, based on the size of the office and residential units being acquired by the investor. RAK Business Invest was developed in line with the laws and practices of the UAE Federal Government.
Advantages
“Those who avail themselves of RAK Business Invest will continue to enjoy the emirate’s free-zone and non-free-zone benefits and strategic business advantages that include tax exemption, minimal proof of capital, low-cost trade, excellent infrastructure, reduced bureaucracy and a highly centralised business location that is just a short distance away from other major economic hubs such as Dubai and Abu Dhabi and is in proximity to three international airports as well as other key transportation facilities,” the statement said.
The new initiative is also in line with efforts to further strengthen Ras Al Khaimah’s reputation as one of the fastest-emerging investment destinations in the region. The emirate was recently recognised as the most attractive destination for foreign direct investment by fDi Magazine/Financial Times, while the Ras Al Khaimah Government has obtained an “A” rating with stable outlook from rating agencies companies Fitch and Standard & Poor.
