Ras Al Khaimah Overview with His Highness, Sheikh Saud bin Saqr Al Qasimi, Jan 2014
Introduction by FBS KOTSOMITIS CORPORATE AND MANAGEMENT SERVICES FZE
Investing in RAK (Ras Al Khaimah) via RAK Offshore company Formation, RAK Freezone Company Formation or RAK LLC Company formation coupled with the general ‘Emirates Advantage’ can yield the international investor many unique advantages.
RAK provides by far the most flexible and economical UAE regime where one can base his investments.
It is no exaggeration to say that the advantages present are unmatched and unparalleled compared to any other jurisdiction in the world.
H.H. Ras Al Khaimah’s Sheikh Interview
H.H., Sheikh Saud bin Saqr Al Qasimi: “My father, Sheikh Saqr, he taught me success needs passion and commitment, perseverance, hard work, and extra effort makes a chance for success. Luck is only the product of what we do. Failure is really sitting and waiting for luck to come.”
Ras Al Khaimah….. a place of astounding natural beauty…. a place of economic diversity and strength and a place of unparalleled potential….
Nestled in the northern part of the United Arab Emirates, Ras Al Khaimah has benefitted from its strategic geographical location, rich coastline, diverse landscape and natural resources for thousands of years.
H.H., Sheikh Saud bin Saqr Al Qasimi: “The people of Ras Al Khaimah through history have prospered only by being traders, navigators and this is what we are trying to do now…. mimic the past with modern tools.”
Today RAK is one of the region’s most diversified economies. It’s one of the fastest growing destinations in the Middle East and it is attracting international investors and businesses from all over the globe.
The industrial sector lies at the heart of this development and is responsible for one third of the GDP. Today several key local companies now boast a global influence. RAK Cement companies capitalize on the emirate’s natural resources making Ras Al Khaimah the region’s largest producer of cement.
RAK Ceramics is the world’s largest ceramics producer, while Stevin Rock RAK Rock is one of the largest quarrying companies in the world. And Julphar is the leading generics drugs producer in the Middle East.
Central to theirs and others’ success, has been the establishment of the RAK Investment Authority, Investment and Development Office, RAK Free Trade Zone, and RAK Maritime City, who oversee more than 5,000 active firms from over 100 countries.
Today many new and niche manufacturers are taking advantage of the numerous attractive set-up benefits. While investments into high tech initiatives is establishing Ras Al Khaimah as a centre for advanced manufacturing.
Jim Steward, CEO, Investment & Development Office: “Foundation for success is strong, we have no taxation whatsoever, we have 100% repatriation of funds. The currency is paid to the US Dollar so there is minimal risk. Access to capital, access to labour, access to markets and positive infrastructure, really make it a sound foundation for doing business”.
Issam Sultan, GM, Ramjet Aviation Support: “When we started looking at a place where we can set up our company, we wanted a place where they could actually support us rather than police and put all the red tape in front of us and we did find that in Ras Al Khaimah. They were supportive from day one until now.”
Joseph McKeever, CEO, Spatial Composite Solutions: “It is very important that you can run a business, you can grow a business, you can hopefully make profits, and at the end of the day you are not giving over half of those profits to the government.”
Jim Steward, CEO, Investment & Development Office: “The Emirate of Ras Al Khaimah holds an international “A” rating of both Standard and Poor’s and Fitch with a stable outlook. It is very safe in Ras Al Khaimah. The environment for doing business is sound and there are no barriers to entry. Ras Al Khaimah companies themselves have a fantastic track record. We make up more than 25% of the companies on the Abu Dhabi stock market.”
Ras Al Khaimah is blessed with a portfolio of marine assets like no other in the Gulf and they have been facilitating growth in the UAE and the GCC region for over 30 years.
Naser Bustami, Board Director, RAK Ports: “Over the past four years, Ras Al Khaimah government has invested in excess of 800 Million Dirhams in the various ports.”
RAK Maritime City is the first free zone accessible to key shipping routes. Entering this vital body of water, a geo-strategic location that confers remarkable across-the-border advantages to partner businesses. Many international companies, including Archirodon, the Greek Maritime construction giant and Knauf, the German gypsum board manufacturer, have already taken advantage of these opportunities …..
Costas Dagadakis, Regional Business Support Manager, Archirodon: “It gives us accessibility to our projects, both in the Gulf and outside the Gulf.”
All the free zones and industrial parts are continuously evolving, with each being developed to the highest standards.
Capt. Colin Crookshank, Group General Manager, RAK Ports: “We offer a complete open door policy, we are very good listeners, we intend to be fast, we intend to be efficient, we really intend to say it as it is and be as good as our word.”
All the free zones are served by a brand new $150 Million road and transport network connecting Ras Al Khaimah to the other Emirates and beyond.
Ras Al Khaimah International Airport is undergoing a $27 Million expansion. Dubai International Airport is just 45 minutes away and the Etihad railway, a 1200 km network spanning the UAE will have RAK as its northern railhead.
Naser Bustami, Board Director, RAK Ports: “This would link Ras Al Khaimah by rail with all the other emirates and even link with the GCC railway link that goes into Saudi, Qatar, Bahrain and Kuwait.”
It is this rapid expansion that has partly resulted in a steady rise in business visitors and tourists.
For nature lovers, couples, food lovers, families and thrill seekers of all nationalities, seeking year round sunshine, world class facilities and the legendary Arabic hospitality, this is now a destination of choice.
Victor Louis, RAK Tourism and Development Authority: “Ras Al Khaimah doubled their visitors over two years from half a million to 1.2 million in 24 months having planned our GDP growth from 3% at present to grow up to 15% in the coming 4-5 years. This is also an opportunity for other investors to come on board and be part of the same development.”
More city hotels, desert and mountain resorts are in the pipeline. While world class healthcare and education are the foundations of growth in the Emirate, Ras Al Khaimah is somewhere that will exceed expectations…. a place that blends old and new…. a place where business and pleasure co-exist…. an international destination with a truly global flavour…. a place that indulges, inspires and invigorates…. a place to rise and shine….
H.H, Sheikh Saud bin Saqr Al Qasimi: “People of course have to always ask themselves…. Are they secure?…. Are they free?…. Are they allowed to have the tools of success?…. And here in a very short, simple answer…. it is…. YES.”
…..This is a place where you have zero income tax
…..There is a 100% foreign ownership for our international customers and investors
…..Skilled labourers are available in very economical rates
…..You have ability to connect to the world in a most efficient manner
…..There is no corporation tax or customs duty
…..We have an open policy with regards to investment
…..You are free to bring your talent from anywhere in the world
…..And also there is a complete repatriation of funds
…..This is a great opportunity for all.
H.H., Sheikh Saud bin Saqr Al Qasimi: “We are really sure it is about welcoming the investor…. We will do what it takes as Government to allow them to prosper, to succeed…. We hear you.… We are looking for you…. You are welcome here…..”
Ras Al Khaimah….. A Rising Emirate….. It Makes Sense to be Here…..