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Dr. Khater Massaad, CEO, Ras Al Khaimah Investment Authority |
According to Ras Al Khaimah Investment Authority (RAKIA), Ras Al Khaimah-based government body, it has issued 289 licenses to businesses operating across different free zones of the emirate from January to May 2009. RAKIA further revealed that the emirate's economic diversification strategy has remained firmly on track as licenses were issued to a diverse range of businesses including industrial, commercial, consulting and services, trading and media companies.
Dr. Khater Massaad, CEO, RAKIA, said, "With respect to the ongoing global economic challenges, we are very satisfied with the growth rate that we have achieved. The continued influx of foreign investors and the growing level of international interest in the emirate have been achieved primarily because of the proactive support of the government in terms of infrastructural development and establishing pro-investment policies."
With the addition of the newly approved businesses, the total number of licenses issued by RAKIA since 2006 has now reached 1,983. Overall, there are 529 commercial companies operating in RAKIA free zones, representing 26% of all licenses issued by RAKIA since 2006, while there are 507 companies in the industrial sector or 25% of all businesses. RAKIA has also issued licenses to a total of 450 consulting and services companies, 288 trading companies and 209 media companies.
