rakia achieves 23 per cent growth and sets new record highs in third quarter of 2007
Attracts 217 new companies and bumps up revenues by 311 per cent
Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socio-economic growth of the emirate, has announced that it has achieved a robust 23 per cent growth in the third quarter of 2007, attracting a total of 217 new companies to maintain its strong performance in a banner year of unprecedented growth trends.
RAKIA has expanded its client portfolio to include 792 companies within two years of operations; while 2007 revenues have already reached AED 118.04 million, an exceptional 311 per cent increase from 2006. Moreover, commercial licenses are currently the most in-demand making up 38 per cent of the total licences issued by RAKIA, followed by industrial licences (30 per cent), consultancy licences (18 per cent), media licences (seven per cent) and trading licences (seven per cent).
"The increasing number of companies being set up in Ras Al Khaimah reveals the growing reputation of the emirate as a business hotspot. Investments have come from different sectors, which also shows our flexibility to accommodate various industry requirements and provide suitable infrastructure and policies to improve their business prospects," said Dr. Khater Massaad, CEO-RAKIA.
RAKIA has so far licensed a total of 505 companies in 2007, which reflects a 148 per cent growth from 2006 with investments coming from diverse sectors such as industrial products, building materials, steel fabrication, plastics and chemicals. RAKIA's marketing initiatives have also attracted investors from different countries in Europe, the GCC, Southeast Asia and the Indian sub-continent.
RAKIA's area of responsibility includes the Industrial Zone and the Free Zone in Al Hamra, and the Industrial Park in Al Ghayl. The total land already leased out to different companies has reached nearly eight million square meters with more contracts expected to be consummated before the year ends.
The industrial Zone is comprised of Phase 1 and 2, the Extension Zone and the Ceramic Zone, which collectively have a total 2.84 million square meters completely leased out to about 86 companies where up to 85 per cent are into manufacturing. The Free Zone has a total area of 1.84 million square meters completely leased out to 111 companies of which 77 per cent are into manufacturing.
The Industrial Park spans 21 million square meters with 3.7 million square meters set aside for free-zone activities. A total of 372 plots or about 3.2 million square meters have been leased out to 84 companies, while another 4.1 million square meters have been reserved and will be finalised shortly.
