ABOUT RAK INVESTMENT AUTHORITY (RAKIA)
Ras Al Khaimah (RAK), one of the seven Emirates, is located in the northern-most region of the UAE. Connected by express highways, RAK is just a 45 minutes’ drive from Dubai. It is characterized by steady growth, and its significant contributions to the UAE economy through manufacturing, trade, inward foreign investments, capital flows and technology exchanges.
The cost of living and doing business in Ras Al Khaimah is significantly lower than the average cost of business setup in UAE, which in turn, means greater profit margins for investors.
RAK’s GDP has grown 14% per year from 2004-2008, and 9% in 2009. The GDP now stands at USD 4.30 Billion.
The RAK Investment Authority (RAKIA) was constituted as per Emiri Decree No.(2)/2005 issued by H.H. Sheikh Saqr Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah. The mandate for the authority is to work towards reinforcing the investment climate in the emirate and to promote its various economic sectors. It was established to promote the sustainable social and economic development of Ras Al Khaimah by diversifying the emirate's economy and ultimately establishing Ras Al Khaimah as a regional hub for industrial manufacturing, trade and commerce.
Highlighting RAKIA’s success in developing and promoting the emirates’ simple business setup and investment landscape, Ras Al Khaimah was recognized as “Best Foreign Direct Investment Destination in the Middle East” by the Financial Times Group’s FDI magazine in 2009. Ras Al Khaimah was also awarded "Most Cost-Efficient FDI Destination" by Financial Times London in 2007, while Standard & Poor's has affirmed its “A” long-term and “A-1” short-term sovereign credit ratings on RAK.
Thus, a business setup in RAK is like a gilt-edged opportunity to grow your business above and beyond!