RAK sets up new Investment Authority

The new 'Ras Al Khaimah Investment Authority', constituted as per Emiri Decree No. (2)/ 2005 issued by H.H. Sheikh Saqr bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, will work towards reinforcing the investment climate in the emirate and for promoting its various economic sectors.

The semi-governmental body will have a legal character and would enjoy financial and managerial independence.

The new Authority will have the brief of proposing investment policies and supervising their implementation, assessing economic feasibility studies pertaining to investment and promoting developmental projects and investment opportunities across economic sectors within RAK.

Dr. Khater Massaad, Advisor to RAK Crown Prince, has been appointed as the CEO of the newly formed RAK Investment Authority by the Decree No (1)/ 2005, issued by H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

Dr. Massaad said that the establishment of the new authority would help to bolster the comprehensive developmental agenda initiated by H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, with the objective of enhancing the quality of life of the citizens of RAK.

'The Authority will work towards enhancing the investment climate of RAK and to consolidate the developmental boom being witnessed by Ras Al Khaimah over the past two years', he added.

He said that as many as 25 major investment projects are currently underway in the emirate, including 20 industrial projects and five tourism related projects.

'Steps would be taken to put in place world class infrastructure facilities in the emirate and also to modernize the legal environment to transform RAK to become one of the most attractive destinations for local, regional and international investments' Dr. Massaad added.

The RAK Investment Authority would also facilitate easy processing of applications for setting up new projects. It has also been assigned the duty of supervising the setting up and licensing of companies wishing to establish investment projects in RAK.

New free zone set up in RAK

In another development, H.H. Sheikh Saqr bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, issued a decree for the establishment of a new free zone in RAK.

Under the Decree No (1)/ 2005, the Free Zone Law of 2000 has been modified to add a new free zone to the other three free zones currently operating in the emirate.

The new free zone will have a total area of 2,190,745 square metres and will be supervised and managed by the Ras Al Khaimah Investment Authority. The Investment Authority will also issue licenses to companies wishing to set up businesses in the free zone, which will be located east of the RAK Ceramics factory.