Posted by Neil King
The Ras Al Khaimah Investment Authority (RAKIA) aims to attract a total of $5 billion of industrial investments by 2013, it has been revealed.
Khater Massaad, RAKIA's chief executive officer, confirmed the body has received $3 billion in foreign direct investment since its formation in 2005 and aims to add another $500 million of new investment this year, Gulf News reported.
Speaking at the RAKIA Business Forum 2010, he said: "We have already registered 600 companies in the first six months of 2010 and are looking at registering another 600 this year."
Mr Massaad noted that in total, RAKIA has registered more than 6,000 companies, 2,900 of which are onshore and more than 3,300 of which are offshore.
He also described RAKIA's industrial free zone as a cost-effective destination for companies, free from the burdens of corporate tax, income tax and trade barriers.
Meanwhile, the Independent reported recently that RAK Gas, a state utility of Ras Al Khaimah, is looking to raise new funds through the sale of its east African assets.