RAKIA registers 27 per cent increase in business licenses issued in 2010

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 it has issued 1,108 licences in 2010, improving by 27 per cent from 2009 and 62 per cent compared to 2008. There are now 3,679 business licences issued by RAKIA since 2006, broken into 1,042 consulting/service companies, 1,028 trading/general trading businesses, 659 commercial companies, 628 industrial firms and 322 media businesses. 

RAKIA has also reported a 190 per cent improvement in the total area of land leased, reaching over 1 million square meters in 2010 from just 353,046 square metres in 2009. A total of 84 land lease contracts were signed in 2010 for an average of 85,000 square metres of land leased each month. Warehouse leasing likewise improved by 41 per cent with 100 contracts signed in 2010. An average of 4,615 square metres of warehouse space was leased each month in 2010, while the total area leased reached 55,374 square metres. 

Dr. Khater Massaad, CEO, RAKIA, said: "The excellent growth figures reaffirm the strong reputation of Ras Al Khaimah as a preferred investment destination and an ideal business base in the Middle East. It likewise underlines the success of RAKIA in developing and promoting attractive business packages and incentives to potential investors from all over the world. RAKIA's impressive performance in 2010 has opened more exciting possibilities in the future and we certainly look forward to sustain the positive growth trend into the new year and towards the new decade." 

"The feedback from investors and business enterprises has been very positive and encouraging over the years. It has been RAKIA's strategy to constantly communicate and interact with the different companies operating in the emirate to better understand their needs and promptly respond to any issue. Building strong relations with our clients remains a top priority at RAKIA and a key factor that has helped sustain the growing number of investors in the emirate," added Dr. Massaad. 

The industrial sector scored the biggest gains in 2010 with a 65 per cent increase in industrial licences compared to 2009. In total, there were 93 industrial licences issued last year, along with 85 commercial licences, 370 consulting/service licences, 494 trading/general trading licences and 66 media licences. 

RAKIA likewise revealed that property leasing increased by 110 per cent in 2010 compared to 2009. There was also a 100 per cent occupancy level in labour accommodations, commercial centre shops, commercial centre-studio flats and staff accommodation-shops managed by RAKIA. 

The Amenity Centre, one of the premier office destinations in Ras Al Khaimah, registered a 99 per cent occupancy rate. Job market activity also picked up in the emirate as reflected by an 18 per cent increase in the issuance of employment visas last year. 

Since its establishment in 2005, RAKIA has become one of the pillars of the emirate's economic progress, attracting investors from all over the world through Free Zone and Non-Free Zone facilities of RAKIA's Industrial Zone and Free Zone in Al Hamra, and the Industrial Park in Al Ghail.