Ras Al Khaimah Investment Authority (Rakia) has announced it has issued 263 licences to businesses during the first quarter of 2010.

The number represents a 75 per cent growth over the same period in 2009 and takes the total of registered companies to 2,834.

Rakia operates free and non-free zones, industrial parks, issues offshore licenses and is also into real estate development.

Trading and services/consulting accounted for most licences at 101 and 100 respectively.

Forty new industrial lands (free zone and non-free zone) have been leased out along with 45 warehouses with a combined area of 14,727 sq m. Rakia also disclosed that approximately 40,000 sq ft of office space, 70,000 sq ft of labour accommodation and 185,000 sq ft of commercial space were leased during the same period.

In addition to trading and service/consulting companies, 40 industrial, 16 commercial and 27 media licences were issued during the first quarter.

Rakia revealed that it is currently negotiating with at least 50 companies globally to invest in the emirate and says hundreds more had shown interest.

Offshore segment

Meanwhile, Rakia Offshore, a strategic business unit of Rakia, achieved strong growth. Some 276 offshore international business companies (IBCs) were established, representing 90 per cent growth over the corresponding period in 2009. RAK Offshore licensed seven new registered agents during the first quarter of 2010, taking the total to 70. These registered agents comprise prestigious law firms, business consultants and chartered accountants.

Dr Khater Massaad, CEO, Rakia, said a record-setting influx of international investors this year was confirmation of Rakia’s success in long-term development strategy.