RAKIA unveils ambitious development master plan at CEO's meet

The conference was organized by Ras Al Khaimah Investment Authority (RAKIA) with Morison Menon Chartered Accountants (MMCA) and Khaleej Times as the co sponsors with the objective to share the success and business opportunities available to investors in Ras Al Khaimah.

The one- day event was attended by over 100 top businessmen and CEO's from across UAE.

H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, later received the CEO's and business leaders at the Al Dhait Palace.

Speaking on the occasion, Sheikh Saud said that the multi- pronged development strategy currently under implementation in RAK would take care of the development of all sectors of its economy and would make it a preferred investment destination in the region.

"The master plan would see the creation of the new Gateway City apart from setting up of new industrial zones, world class healthcare and education facilities, mega tourism developments and creation of excellent logistic facilities that would make Ras Al Khaimah a centre of development in the Emirates,"

he said.

Sheikh Saud said that the Gateway City would take the developmental planning of the emirate to a whole new level. "The new city will tackle the important issue of attaining sustainable development and we are trying to address the issues of mass transportation in a better way."

Sheikh Saud added that Government of Ras Al Khaimah has put in place a pro- business administrative regime with proper legal and regulatory frame work that would help investors optimize their business prospects.

Dr. Khater Massaad, Advisor to RAK Crown Prince and CEO of RAKIA, said that the new Gateway City, to be developed by RAKEEN, would be set up at the entrance of the Emirates Highway in RAK and would eventually accommodate a total population of around 500,000 people. The city would cover a total area of 10 square kilometers and would have a metro rail to take care of its transportation.

"The Gateway City would herald a new era in the development of Ras Al Khaimah and would focus on setting up a totally environment friendly development with almost zero emissions. We are studying all the latest technologies available for renewable energy and recycling of waste to make the city a totally eco- friendly place,"

he said.

He added that the design and master planning for the city is currently underway and the infrastructure works would start in six months time. The new development would encompass a complete array of residential, office, mixed- use, retail, hotel and sports and entertainment facilities.

Earlier inaugurating the meet Dr. Khater Massaad said that Ras Al Khaimah would invest USD 500 million in the next one and a half years to develop and upgrade the infrastructure of the emirate. He said that RAKIA has been successful in attracting an investment close to USD 2 billion in two years of its operations. "I believe the economy of RAK is on a verge of tipping point after which we will see an exponential change and growth that will be incredible," Dr. Massaad added.

Recounting his experience of setting up and managing RAK Ceramics- the largest ceramic producer in the world with a global capacity of 100 million square metres and factories in five foreign countries, he said, "Comparing our manufacturing experience in RAK and foreign countries I can very well say that our most successful and profitable factory is the RAK plant".

RAKIA General Manager, Raman Iyer said that RAKIA has been able to achieve tremendous success in attracting investors to the emirate in its last two years of operations. "The industrial Zone Phase 1 and 2 and the Free Zone, Phase I at Al Jazira Al Hamra region have been completely leased out and we have launched a new 21 million square metre Al Ghail Industrial Park for investors," he added.

Raju Menon, Managing Partner, Morison Menon, said that RAKIA offered tremendous opportunities in areas like manufacturing, financial and a wide spectrum of offshore services.

Ajay Agarwal, CEO of RAK Steel, and Hareesh Babu, Commercial Head of Pioneer Cement, shared their experiences in setting up successful manufacturing ventures in the RAKIA Industrial/ Free Zones. The newly appointed CEO of Saqr Port, Ven Govinda shared the plans for the expansion of Saqr Port at the conference.