With Ras Al Khaimah Investment Authority (RAKIA) keen to promote the emirate as an alternative, competitive location for businesses wanting to invest and operate in the UAE and the gulf region, FT Business and fDi hosted a two day road show in Manchester and Munich focused on investment and business development. Both these trade hubs were chosen in order to target potential investors from the UK and Germany. There is already German investment in RAK, however the government is eager to stress that there is the potential for more in a “dynamic and upcoming business centre in the UAE,” says Dr Khater Massad, CEO of RAKIA. Within three hours flight from Ras Al Khaimah, businesses have access to a population of 1 billion people and the Emirate has received an A rating from S&P and Fitch for the last three years.
The road show was an opportunity for companies to gain an objective assessment of the numerous commercial and investment incentives available in RAK and look beyond traditional investment in the oil and gas sector. The main growth drivers are real estate, construction, manufacturing and tourism and there are already 254 UK companies registered with RAKIA. Trade between the UK and UAE has risen by 25% in the last year and it is a key source of FDI for the UK.