Ras Al Khaimah Investment Authority expects 'considerable growth' to continue

29/03/2010 - Ras Al Khaimah Property News
Ras Al Khaimah Investment Authority expects 'considerable growth' to continue

Posted by Bob Brunskill

Ras Al Khaimah Investment Authority (RAKIA) has said it saw considerable growth in the number of business licences it issued at the end of last year and that it expects to see such growth continue in 2010.

The authority - which provides investment opportunities and "one-stop solutions" in its free zones, industrial parks, real estate developments and offshore facilities - hailed 2009 as a particularly prosperous year with 880 onshore and 885 offshore licences issued.

RAKIA noted that of the onshore licences, 35 per cent were issued in the fourth quarter alone. It added that according to the January and February 2010 results, this growth had continued into the new year.

The authority recently introduced a concept of zoning for its industrial parks so as to provide bespoke infrastructure and utilities to satisfy the needs of various industrial sectors.

Khater Massaad, chief executive officer of RAKIA, said: "The procedures are clear and easy, licences can be issued in one hour's time, without hassle or bureaucracy. Personalised and flexible service is very important for us; we constantly strive to fulfil all our customers' business requirements in the best possible way."

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