RAKIA eyes $15bn inward investments to Ras Al Khaimah

This was announced at an investment conference organised by RAKIA for a high profile Belgian business delegation at Hotel Al Hamra Fort.

The conference organised to boost Belgian investment to the emirate was attended by a high profile business delegation headed by former Belgian Prime Minister, Jean-Luc Dehaene, Belgian Ambassador to the UAE, Philippe Dartois, Belgian Trade Commissioner in Dubai, Joannes Bruffaerts, along with business leaders from various Belgian Chambers of Commerce.

Reflecting the fast- paced economic transformation of the emirate, RAKIA has already attracted over 800 companies, including a host of Fortune 500 companies, entailing an investment of $2bn within a short span of 24 months.

H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, later received Jean-Luc Dehaene and the accompanying business delegation at the Al Dhait Palace.

Outlining his vision for the development of the emirate, 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.

"We have put in place a pro-business administrative regime, removed bureaucratic hurdles and have set in motion a fast track process to augment infrastructure capabilities of the emirate in order to maximise returns of our investors,"

Sheikh Saud said.

Jean-Luc Dehaene added that there would be real progress and consolidation of business ties between Belgium and Ras Al Khaimah as a result of the conference. "The pace of development activity that is happening here is amazing and I feel that there is excellent synergy between Belgium, which is a gateway to Europe, and Ras Al Khaimah, which is fast becoming an attractive gateway to the entire Middle East region."

Dr. Khater Massaad, Advisor to RAK Crown Prince and CEO of RAKIA, gave an overview of the host of investment opportunities available in the emirate in real estate, tourism, power, infrastructure and industrial sectors at the conference. He said that the surge of investments through RAKIA owed much to the emirate's pragmatic leadership and the investor- friendly policy drawn up by RAKIA, based on its own experiences worldwide.

"We are proud of the fact that Ras Al Khaimah based RAK Ceramics has achieved a Return on Investment of around 230 times during the last 12 years and is now the largest ceramic manufacturer in the world, which is ample testimony to the immense potential offered by the emirate," he said.

On the tourism front, Dr. Massaad said that the emirate has experienced a 40% growth in the number of tourist arrivals in the past few years and is currently setting up around 25 new hotels which would add 12,000 rooms within the next five years.

RAKIA General Manager, Raman Iyer said that RAKIA is interested in taking advantage of Belgian expertise in power sector and gold and diamond industry through new partnerships.

Sheikh Faisal bin Saqr Al Qasimi, Chairman of RAK Finance Department and RAK Free Trade Zone, Sheikh Ahmed bin Saud Al Qasimi, Dr. S K Chatterji, Head, Global Sales and Marketing of RAKIA, and a number of dignitaries were present during the meetings.