Since being set up in 2005, it has invested AED 1bn in developing 30mn square metre of land in its Al Hamra and Al Ghail industrial parks
November 27, 2014: At a gala event celebrating 10 years of excellence, Ras Al Khaimah Investment Authority (RAKIA) reaffirmed its unwavering commitment to drive foreign direct investment into the Emirate, as well as to strengthen the Emirate’s position as a regional and international hub for industry, trade and commerce.
Having invested AED 1bn to date in developing 30mn square metre of land in its Al Hamra and Al Ghail industrial parks, RAKIA signaled its intention to channel substantial resources into enhancing its physical assets and services.
The event at the Al Hamra Convention Centre was graced by His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and ruler of Ras Al Khaimah. The event, held in October, was also attended by over 100 distinguished guests, including His Excellency Alexander Efimov, ambassador of the Russian Federation to the UAE, who was present to honour RAKIA’s achievements.
His Highness Sheikh Saud Bin Saqr Al Qasimi said, “Our vision, when we set up RAKIA 10 years ago, was for it to contribute to the growth of Ras Al Khaimah by facilitating and encouraging investments here. By turning this vision into reality, RAKIA has made an important and lasting contribution to the success of Ras Al Khaimah, and I look forward to the next 10 years of further growth and success.”
Rino Sabatino, CEO, RAKIA, said, “At the start of 2005, RAKIA was simply a concept. Under the leadership of His Highness Sheikh Saud, RAKIA has been instrumental in transforming Ras Al Khaimah into one of the top investment destinations in the world in a span of a decade. Our goal is to extend RAKIA’s position as a preferred destination, not only for manufacturing companies, but also to businesses from a broad range of sectors, including services and information technology.”
Sabatino said RAKIA aims to increase the number of new licenses by 50% in the next five years. “As we look toward the future, we have aggressive growth plans. We intend to increase the number of new licenses issued by 50 percent in the next five years. In order to support this growth, we will seek to aggressively invest in infrastructure development in Al Ghail, the newer of our two industrial parks and the jewel of RAKIA,” added Sabatino.
Another speaker at the event was Timothy Lefebvre, president of Mabani Steel and co-chairman of RAKIA’s Tenants’ Committee.
The Tenants’ Committee is a recently launched initiative that aims to encourage dialogue among the CEOs and senior managers of RAKIA’s tenants. “I would like to thank RAKIA for its commitment to excellence over the years, and I wish it great success and a bright future as it takes its place as the premier business zone in the GCC,” Lefebvre said.
Acknowledging that RAKIA’s tenants are key contributors to and partners in driving the company’s on-going success, Sabatino commented, “In conjunction with our growth initiatives, we are constantly seeking to improve and streamline business processes within our industrial parks, making it ever more effortless for our existing tenants to run their businesses.”
RAKIA’s accomplishments have led to an accolade of awards in the past. At the event, Sabatino revealed that RAKIA was recently named Best Free Trade Zone in the GCC by the London-based International Finance Magazine. RAKIA came ahead of five shortlisted free zone authorities based on its economic potential, promotional strategies for foreign direct investment, transportation links, incentives and cost-effectiveness. Recognising companies worldwide, the award celebrates companies and organisations that add value to their industries, and demonstrate the highest standards of innovation and performance.
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