RAKIA and Singapore Business Council organise seminar on investment opportunities in Ras Al Khaimah

Senior officials from RAKIA and SBC including Ho How Wai, President of SBC; Raman Iyer, Technical Director and General Manager of RAKIA; Peter Schuster, General Manager of RAK Offshore; Dr. S.K. Chatterji, Head, Global Sales & Marketing, RAKIA; in addition to the Singapore Consul General, H.E. Dileep Nair, addressed the audience during the day-long seminar.

Delivering the keynote address on behalf of Dr. Khater Massaad, CEO, RAKIA, Raman Iyer spoke about the long-standing trade relations between the UAE and Singapore, and highlighted the potential for investment opportunities for Singaporean companies in the emirate of Ras Al Khaimah.

"The UAE was Singapore's 18th largest trading partner in 2006 and the second largest trading partner in the Middle East. The two-way trade between the UAE and Singapore amounted to over $11.68bn in 2006, with Singapore's exports to the UAE valued at $5.05bn and imports from the UAE totaling $6.64bn. With its dependence on imports and high levels of disposable income, the UAE remains a profitable and expanding market for Singaporean products," pointed out Iyer.

Singapore's exports to the UAE mainly comprise electronic goods and petrochemicals. Singaporean companies see the UAE as a major sourcing center for important markets such as Iran, Iraq, North and East Africa, and the CIS and Eastern European countries.

Emphasising the role of the private sector, Iyer said, "Singapore has been a role model for development for many countries around the world; they have been a prime example of making the most of private sector contributions to achieve all-round progress. The Ras Al Khaimah Government, like the Government of Singapore, strongly encourages development through the private sector. The government, guided by the vision and support of H.H. Sheikh Saud Bin Saqr Al Qassimi, acts as an effective partner, empowering the private sector by creating the optimum environment for enterprise through the provision of enabling infrastructure, utilities and services."

Speaking at the event, Ho How Wai said, "One of the main objectives of the Singapore Business Council when it was registered in 2004 was to link Singaporean companies with organisations in the UAE dedicated to the development of trade and investment in the country, and RAKIA was high on our agenda. This seminar has given us an opportunity to fully comprehend the investment potential of Ras Al Khaimah, and we are confident that over the coming months many more Singaporean companies will look to establish their presence here."

H.E. Dileep Nair said, "I have been closely following the developments and progress of Ras Al Khaimah in recent years; I believe that the emirate's impressive growth is mainly the outcome of the visionary leadership of H.H. Sheikh Saud Bin Saqr Al Qassimi. I am glad to attend this seminar, which I reckon is an excellent opportunity for participants to gather all relevant information about investing in Ras Al Khaimah, enabling them to make an informed choice.

There are six Singaporean companies operating in RAKIA at present, including Banyan Tree, Welmix Concrete, Sahara Express Contracting, International Legal Advocates, Al Majara Corporation and Thakral Group, representing diverse industrial segments.

Other highlights of the seminar included the welcome address by Raman Iyer; opening address by Dileep Nair; a presentation on RAK Offshore by Peter Schuster; and an overview on RAKIA provided by Dr. S.K. Chatterji.

Ras Al Khaimah is considered as one of the fastest growing emirates in the UAE, with RAKIA being able to attract over USD 1.5 billion in investment in various industrial segments, since its inception in 2005. The Authority has already leased approximately eight million square meters of land for industrial use, attracting a diverse mix of industries financed by European, Arab, South East Asian and Indian investors, from warehousing, tourism and construction, to food processing, maritime related services, and trade and commerce. More than 1,000 companies have registered with RAKIA during the previous two years alone.

Factors such as 100% income and corporate tax exemptions; 100% capital and profit repatriation; easy availability of labour; easy licensing procedures; excellent port facilities; and absence of foreign exchange controls, trade barriers and quotas, have attracted investors from across the globe to Ras Al Khaimah. Moreover, Ras Al Khaimah's GDP (Gross Domestic Product) currently stands at $2.52bn, having grown by more than 50% over the last four years. The significant growth has been attributed to the increased focus on sectors such as manufacturing, services, real estate, construction and tourism.

Further, Standard & Poor's (S&P) Ratings Services recently designated Ras Al Khaimah an investment grade, awarding it a long-term 'A' rating and a short-term grade of 'A-1' for foreign and local currency sovereign risk. Obtaining an independent rating is a significant development for the emirate, enabling it to promote itself as an attractive investment location in its own right. S&P's stable outlook for RAK will also give a boost to companies already operating in the emirate.