Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities as well as in real estate developments and other ventures, has announced that the Ras Al Khaimah Investment Authority (RAKIA) Industrial Parks has been named as one of the world's 10 "Best Economic Potential" free zones in FDI Magazine's inaugural global ranking of economic zones. The FDI Magazine rankings covered more than 700 economic zones worldwide, which were assessed based on qualitative and quantitative data.
RAKIA Industrial Parks, the free zones being managed by RAKIA, are fast emerging as a destination of choice for local, regional and international investors, and have played a key role in RAKIA's successful efforts to generate close to USD 3 billion worth of investments from all over the world. Through RAKIA's efforts, the emirate of Ras Al Khaimah has attracted more than 6,500 investors from Europe, India, USA, Russia, CIS, Asia and the Middle East, with the RAKIA Industrial Parks serving as the top attractions among investors.
"Up to 66 per cent of RAKIA-registered businesses are from Europe, India, USA, Russia, CIS and other Asian countries, with 19 per cent coming from the Middle East. The large volume of foreign direct investments highlights the growing importance of Ras Al Khaimah as a favourable business destination in the region. The distinction earned by RAKIA Industrial Parks as the world's 10 Best Economic Potential free zones reaffirms the success we have achieved in promoting Ras Al Khaimah among investors worldwide," Dr. Khater Massaad, CEO of RAKIA.
The FDI Magazine global rankings and awards are recognised as the most authoritative research projects and special economic zone comparisons ever conducted. The criteria in judging the 10 Best Economic Potential free zones were total size of zone, total land available for development, total employment, number of businesses operating, growth of businesses operating from 2009 to 2010, total volume of goods processed, total number of imports, total number of exports, GDP growth rate (past five years), GDP growth rate from 2008 to 2009, inflation and global competitiveness index.
In addition to the FDI award, RAKIA has also been recognised earlier this year as the "Most Innovative GCC Investment Destination" by World Finance, an awards-giving body established to benchmark achievements and best practices of industry leaders, individuals, teams and organisations in the financial and business world. RAKIA has likewise reaped awards as the "Most Attractive FDI Destination in the Middle East" (2008/2009 begin_of_the_skype_highlighting 2008/2009 end_of_the_skype_highlighting) from the Financial Times Business, London, and the "Most Cost Efficient FDI Destination" from the Financial Times in 2007.
Since its establishment in 2005, RAKIA has become one of the pillars of the emirate's economic progress, generating multi-billion dollars in annual revenues through groundbreaking investment initiatives within the emirate and across international markets. RAKIA manages an Industrial Park and a Free Zone in Al Hamra, and an Industrial Park in Al Ghail, while it has also expanded its operations in other key sectors including offshore services, education and technology, real estate, transportation, energy and investments.
