The Ras Al Khaimah Investment Authority (RAKIA) was charged with reinforcing the investment climate in the emirate and promoting its key sectors.
Dr Khater Massad, a prominent local businessman and adviser to the crown prince, was asked to head it up. And he has not disappointed. Much attention focuses on Dubai’s staggering growth, but its northern neighbour is posting some strong numbers of its own.
RAKIA, led by Dr Massad, has attracted about $1.2bn in investment from around the world in the two years since its inception. There has been a 200% growth in the number of companies registered with RAKIA in Q1 2007 (with 112 new companies) over the corresponding period in 2006, bringing the total number of companies registered with RAKIA over the past two years to more than 400.
“We embarked on an open door policy and created a most supportive environment for all foreign direct investments,” says Dr Massad. “The fiscal and regulatory measures were made simple and investor friendly. We created RAKIA with professional managers and the utmost importance was given to customer service and fulfilling investor needs.”