RAK News

RAK to build satellite town

Ras Al Khaimah is developing a multi-billion dollar satellite town that will enable the emirate's population to double to half a million in three to five years, the Gulf News has reported.

The Gateway City will cover 4.8 square kilometers and will also enhance Ras Al Khaimah's attractiveness to business with facilities for education, tourism and healthcare companies.

Ras Al Khaimah Investment Authority (RAKIA) general manager Raman Iyer said that one of the key attractions of the development would be the proximity of these places of work to residential areas.

RAKIA has announced that over the last four years Ras Al Khaimah's GDP has grown by 50% and that it is forecast to double by 2012.

Ras Al Khaimah plans $500m port takeover

Ras Al Khaimah Investment Authority (RAKIA) has allocated $500m to bid for port and free zone contracts in the Middle East and North Africa, Arabian Business has reported.

RAKIA is currently reported to be competing for three major regional contracts, including a 49-year concession at Georgia's Poti Seaport. In alliance with Dubai's ETA Group, RAKIA is also said to be seeking to manage Paradip Port, one of India's largest seaports.

Control over a foreign port will bring a significant diversification to RAKIA, which has already made investments in overseas real estate, including property in Georgia's capital Tbilisi.

RAK Investment Authority signs up 1,000 companies

Within two years of setting up, Ras Al Khaimah Investment Authority (RAKIA) has registered 1,000 companies.

Reaching this milestone follows a year of unprecedented growth for the emirate. Growth in the third quarter of 2007 was registered at 23%, putting the year's revenues 311% above those of 2006. So far RAKIA has attracted investment worth $2bn and leased out eight million sqm of land.

Companies registered with RAKIA are located in RAK's Industrial Zone and the Free Zone in Al Hamra as well as in the Industrial Park in Al Ghayl. They operate in a variety of sectors and have attracted investors from Europe, the Gulf, southeast Asia and the Indian Subcontinent.

“Rakia offers a plethora of excellent investment opportunities as it is at the forefront of the Ras Al Khaimah government's initiatives to diversify the economy and achieve long-term sustainable economic growth in the emirate,” said RAKIA chief executive Khater Massaad. “Our ability to attract 1,000 companies in such a short period of time reflects our prime suitability as a business destination.”