Ras Al Khaimah achieves 75% growth in new business licences

27/04/2010 - Ras Al Khaimah Property News
Ras Al Khaimah achieves 75% growth in new business licences

Posted by Neil King

Ras Al Khaimah Investment Authority (RAKIA), which operates free zones and industrial parks in the emirate, has announced it issued a total of 263 licences to different businesses during the first quarter of 2010, representing a 75 per cent increase on the same period last year.

The growth, which accelerated to an all-time record in March, brings the total number of registered companies in Ras Al Khaimah to 2,834.

In addition, 40 new industrial plots were leased out to different industries during the last quarter, as well as 45 warehouses with a combined area of 14,727 square metres.

RAKIA has also disclosed that approximately 40,000 square feet of office space, 70,000 square feet of labour accommodation and 185,000 square feet of commercial space were leased during the period.

Khater Massaad, chief executive officer of RAKIA, said: "The record-setting influx of international investors this year is a confirmation of the success of our long-term development strategy, which has been focused on strengthening Ras Al Khaimah's economic foundations by enacting business-friendly policies, developing world-class infrastructure and nurturing a competent manpower base."

Meanwhile, the latest HSBC Gulf Business Confidence Index also rose by over 20 points compared to the first quarter of 2009 as business conditions improved across the region.