What does RAKIA mean in International Business?

RAK Investment Authority

The RAK Investment Authority (RAKIA) was 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. The mandate for the authority is to work towards reinforcing the investment climate in the emirate and to promote its various economic sectors .The mandate of RAKIA is to develop and manage the industrial parks which includes the free zones and industrial zones in the Al Hamra and Al Ghail areas of Ras Al Khaimah. Across this region free trade zones have traditionally been viewed as real estate ventures, primarily issuing licenses, however, RAKIA went the extra mile not only being a facility provider but also offering investment advisory services and equity participation on selected projects. This has resulted in an atmosphere of trust among investors and generated a solid network of opportunities. As a result of that within a span of 3 to 4 years of its inception, RAKIA has been instrumental and attracted over US$2.5 billion in industrial investments alone, powering an unprecedented economic surge that has made Ras Al Khaimah as one of the fastest growing emirates in the UAE and the region.After successfully running industrial parks in Ras Al Khaimah, RAKIA is setting up a Free Industrial zone in Georgia (Eastern Europe), under the aegis of a subsidiary company of RAKIA. This is the first free zone in the Caucasus Region and is strategically located for easy access to the EU, Central Asia and Caucasus/ Eastern European markets. The free zone is being established next to the Poti Sea Port, which is also a subsidiary of RAKIA, the largest sea port in the Black Sea region and offers tremendous supply chain cost advantage for movement of goods.Apart from Industrial Parks, RAKIA has structured itself along several other strategic business units.

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