RAK Investment Authority (Rakia) is making its debut at Saudi Build this year to promote the advantages of setting up business in Ras Al Khaimah, UAE.
“This is the first time that Rakia is participating in Saudi Build,” says a spokesperson for the investment authority. “Saudi Build is the largest business-to-business construction event in the kingdom in terms of the number of exhibitors, international participation and number of visitors. Saudi Arabia is one of the most important markets in the GCC and Mena (Middle East and North Africa) region in terms of business activities, construction and building materials, therefore, there is a huge demand for construction products, equipment and solutions in the market.”
“The event provides a perfect opportunity for Rakia to showcase the advantages and effective solutions that we have to offer to meet the needs of the exhibitors and participants,” he says, adding, “we are looking forward to an extraordinary turnout. Our focus will be mainly to promote Rakia while networking and attracting investors.”
Rakia’s approach has earned the authority a reputation among free zone entities and a wide portfolio of global investors across sectors. It is already home to more than 500 manufacturers and thousands of small and medium enterprises (SMEs) from more than 100 different countries in various sectors, including metal, chemicals, food, plastics, automotive and building materials. Some of the major clients in the building materials sector include the UK’s Kelly Steel and Novas Sealing, US’ Guardian Glass, Saudi Arabia’s Mabani Steel and Zamil Steel, and South Korea’s Posco.
Rakia has spent the last 10 years supporting the development of Ras Al Khaimah through infrastructure initiatives, local and international projects, and attracting local and international businesses to set up in the emirate. As a multi-functional player, Rakia’s vision is centred on being the most preferred business destination in the Middle East.
Striving to offer cost-efficient solutions, prompt and professional services, quality infrastructure facilities and ease of doing business, the company maintains its principles and continues to consistently enhance its business services while providing a gateway for investment opportunities focusing on industrial and business development.
In just 10 years, Rakia has successfully managed to attract investors from all over the globe.
With two industrial parks – Al Hamra and Al Ghail – Rakia has emerged as the preferred choice for informed business investors and a leading choice when it comes to industrial business set-up.
With an impressive 95 per cent of Al Hamra Industrial Park and 30 per cent of Al Ghail Industrial Park leased out, Rakia accommodates a variety of industries ranging from metals to automobiles to plastics to FMCG (fast moving consumer goods) to construction materials and many more.
Rakia’s client list includes companies from more than 100 countries, and neighbouring countries as well as Europe have shown a strong interest in investing with Rakia.
“Recently, Rakia has been speaking to organisations from countries such as Germany, Turkey, Belgium, Nigeria, Switzerland, India, Luxemburg, Bulgaria and Eritrea on the advantages of operating out of Rakia,” the spokesman says.
Recent roadshows held in France and India have resulted in strategic partnerships with the respective chambers as well as enthusiasm from potential clients interested in setting up business with Rakia.
The authority has increased its initiatives in terms of creating infrastructure and facilities for its clients, according to the spokesperson. Besides leasing more raw land, the authority has commenced developing more warehouse facilities to support the demand from new and existing clients. While the construction of the warehouses is under way, Rakia has launched a pre-booking system for these facilities, allowing customers to pay 25 per cent of the annual lease rent to reserve the units.
To support its quest for excellence in customer support, Rakia launched a dedicated client relations department this year to handle requests and concerns from existing Rakia tenants. Furthermore, in an effort to reduce the power and electricity tariff, an agreement was recently finalised with Fewa (Federal Electricity and Water Authority), which will be fully responsible for providing power to Rakia’s tenants, ensuring long-term availability of stable power supply at competitive rates.
“2014 was an incredibly successful year for Rakia; while scoring a record-high in terms of revenue and performance, Rakia was honoured with two awards, the ‘Best Free Zone Middle East 2014’ by the London-based Global Banking and Finance Review and the ‘Best Free Trade Zone in the GCC 2014’ by the London-based International Finance Magazine,” the spokesman remarks, adding that Rakia continues to strive to be the undisputed choice for setting up business in the region by taking additional steps and initiatives.
“Rakia, a fundamental contributor to Ras Al Khaimah’s economy, has played a prominent role in the cycle of growth in the emirate. In essence, while endorsing the organisation itself, the authority promotes the emirate through its marketing and business campaigns. By attracting investors, Ras Al Khaimah’s economy continues to boom which essentially allows for more investments and developments directed towards the emirate,” he concludes.
Rakia’s representatives will be available to discuss business opportunities at Stand 111-3.