A UAE investment authority has called on Indian businessmen to set up ventures in the fast developing emirate of Ras Al Khaimah.

Rakia, the Ras Al Khaimah Investment Authority, which facilitates the creation of assets in the emirate’s free zones, industrial parks, real estate developments and offshore facilities, recently held global business forums in Mumbai and New Delhi to acquaint Indian businessmen of opportunities they could consider in the emirate.

During fiscal 2009-10, Indian companies invested $484 million in the UAE, seventh in India’s total outward investment table, UAE ambassador to India Mohammed Sultan Abdulla Al Owais told the Mumbai forum.

“The UAE market is important to Indian businessmen for the opportunities it provides as a major sourcing centre for key markets such as Iraq, North and East Africa, CIS and eastern European countries, in addition to the GCC region,” said the envoy who also highlighted that bilateral trade had grown despite the global recession.

“Ras Al Khaimah, in particular, is opening up a world of opportunities to Indian business organisations who I invite to explore new possibilities to expand their business horizon and achieve sustainable, long-term growth,” he added. 

Highlighting advantages to companies setting up operations in Ras Al Khaimah, Rakia CEO Dr Khater Massaad said a successful initiative of the government was a comprehensive development programme involving infrastructure facilities catering to the business, technology and lifestyle needs of investors.  As part of the initiative, custom-built facilities had been developed to service key growth areas such as manufacturing, warehousing, tourism, real estate and construction, and trade and commerce. Rakia also offers a range of attractive business incentives such as 100 per cent income and corporate tax exemptions, 100 per cent capital and profit repatriation and 100 per cent ownership in free zones.

“Concrete vision”
In other remarks, Dr Massaad said the UAE had developed “a concrete vision” for its trade relations with neighbours  in the region and the global community.

“This is particularly true with our relations with India, which has led to the UAE becoming the largest trading partner of India in the last four years. Further, the UAE is now also home to over a million Indians, many of them involved in a diverse range of business enterprises and investment initiatives across the country. The Indian community indeed easily accounts for the biggest expatriate population in the UAE and this is another key factor that has further fuelled trade activities between the two countries,” the official said.

Also addressing the forums were Rakia officials Alex Thomas, head of investment promotion, and Peter Michael Schuster, general manager, RAK Offshore, and Bank of Baroda’s deputy general manager, international operations, Nagesh Bhalerao.