Georgian Prime Minister lauds Ras Al Khaimah's investment climate

Mr. Gurgenidze, who was extended a warm welcome to Ras Al Khaimah by Dr. Khater Massaad, CEO of the Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, was taken on a tour of Ras Al Khaimah Freezone and Industrial Zone, and was also shown a comprehensive presentation on the emirate's infrastructure facilities and investment framework.

The Georgian premier later held talks with Dr. Khater Massaad to discuss ways to enrich bilateral trade relations between Ras Al Khaimah and Georgia. The government of Ras Al Khaimah has already established strong relations with Georgia, as Rakeen, the real estate development arm of the Ras Al Khaimah Government, is currently involved in the development of several landmark real estate projects in the Eurasian country.

"I am impressed with the standard of infrastructure and the competitive edge that the emirate of Ras Al Khaimah offers to the investors. An investor-friendly regulatory environment fuels long term economic growth, a fact that is well reflected in Ras Al Khaimah's sustained progress in recent years. I am keen to take trade relations between Georgia and Ras Al Khaimah to the next level, which could see a significant increase in investment activity from Georgian investors in the emirate, and vice versa," said Vladimer Gurgenidze.

Commenting on the visit of the Prime Minister to Ras Al Khaimah, Dr. Massaad said, "It was an honour to host the Georgian Prime Minister, and I am glad to have had an opportunity to engage in extremely fruitful discussions with him. The talks could soon translate into more Georgian investors setting up business ventures in Ras Al Khaimah, taking advantage of the emirate's favourable location and investment climate, while we also look to strengthen our presence in Georgia through our real estate and other projects."

Ras Al Khaimah is becoming a top investment hotspot in the UAE, with factors such as 100 per cent income and corporate tax exemptions; 100 per cent capital and profit repatriation; easy availability of labour; easy licensing procedures; excellent port facilities; and absence of foreign exchange controls, trade barriers and quotas, attracting investors from across the globe. The emirate is the fastest growing economy in the region, and the significant growth has been attributed to the increased focus on sectors such as manufacturing, services, real estate, construction and tourism.

Rakeen is involved in several major real estate projects in Georgia, such as the Uptown Tbilisi mixed-used development in Tbilisi, and the Tbilisi Heights - a residential and business complex in Tabaxmella. Rakeen will also undertake the construction of the 400-room Vardzia hotel project and a 900-hectare project close to the Tbilisi International Airport. The Uptown Tbilisi project, which comprises a luxurious shopping mall, four ultra-modern residential towers and two 36-storied office towers, will also house a 2,500 square meter RAK Ceramics showroom.

RAKIA is at the forefront of the Ras Al Khaimah Government's initiatives to diversify the economy, and is responsible for promoting the development of the Industrial Zone and the Free Zone in Al Hamra, and the Industrial Park in Al Ghayl. Since its inception two years ago, the Investment Authority has successfully attracted almost $2.0bn worth of investments from all over the world, across a broad range of industrial sectors.