Ras Al Khaimah Investment Authority

Last updated

Ras Al Khaimah Investment Authority (RAKIA) is a United Arab Emirates investment authority in the Emirate of Ras Al Khaimah. It issues licenses to operate within RAKIA owned special economic zones, provides business facilities and warehouses and provides investment funding.

Contents

RAKIA supports developments that include industrial parks, education, technology, real estate, transportation, manufacturing and energy, as well as offshore operations and other investments. [1]

Contrary to popular opinion, RAKIA is not a sovereign wealth fund (SWF) that would rely for example on steady income from oil or gas. Instead, RAKIA is an industrial licensing and promotion agency to attract investments into Ras Al-Khaimah. [2] Funding is derived by the Government of Ras Al Khaimah as the owner or RAKIA by raising funds from financial markets and passing this borrowed money on to RAKIA.

History

RAKIA was constituted in 2005 by Emiri Decree No. (2)/2005 issued by Sheikh Saqr Bin Muhammad Al Qasimi with the aim of reinforcing the investment climate of the Emirate of Ras Al Khaimah within the United Arab Emirates and promoting various economic sectors. [3]

Its establishment was linked to a World Bank study and investment promotion event in May 2005 ("Invest and Live in Ras Al Khaimah") [4] initiated and pursued by the Swiss-Lebanese engineer Khater Massaad who was a long-time adviser to Sheikh Saud Bin Saqr Al-Qasimi, the creator of RAK Ceramics and the longtime CEO of RAKIA.

Khater Massaad, then CEO of RAKIA, at the October 2011 Horasis Global Arab Business Meeting Khater Massaad, Chief Executive Officer, RAK Investment Authority, UAE, chairing a panel at the 2011 Horasis Global Arab Business Meeting - Flickr - Horasis.jpg
Khater Massaad, then CEO of RAKIA, at the October 2011 Horasis Global Arab Business Meeting

In 2017, Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAKIA became part of a larger group, the Ras Al Khaimah Economic Zone (RAKEZ).

Services

As per the Emiri Decree No. (32) of 2012 issued by Sheikh Saud Bin Saqr Al-Qasimi, the scope of services offered by RAKIA includes: [3]

Investments abroad

RAKIA investments abroad include operations in Georgia, notably shares in Poti Sea Port (directly through RAKIA in the UAE), in the Sheraton Metechi Palace Hotel in the capital Tbilisi (through its subsidiary RAKIA Georgia LLC), and the Poti Port Free Industrial Zone (through the subsidiary RAKIA Georgia FIZ LLC). [5] In both Georgian entities, 15 percent of RAKIA shares were alienated in 2011 to the UK based Manline Projects LLP owned by Georgian businessman Gela ("Zaza") Mikadze. [6] RAKIA's Sheraton Metechi Palace Hotel in the capital Tbilisi was sold to an Iranian investor in December 2011 but payments for this transaction have not yet been completed as of July 2013.

Lack of funding for a projected Real Madrid resort island in Ras Al Khaimah

In June 2013, the highly advertised plans to build a US$1 billion Real Madrid resort island in Ras Al Khaimah had to be cancelled due to the lack of funding. The project, announced only in March 2012, was supposed to be a joint venture between the Spanish football team, the government of Ras Al Khaimah and the Luxembourg-based RAK Marjan Island Football Investment Fund. RAKIA confirmed that the resort stood no chance of opening. [7] In addition to the financial deficiencies, the project had come under criticism in international sports circles, as Real Madrid was required by Ras Al Khaimah to remove the Christian symbol of the little cross from the crown atop their logo on all the project's promotional materials to conform with Muslim beliefs. [8]

Related Research Articles

<span class="mw-page-title-main">Emirate of Sharjah</span> Constituent Emirate of the United Arab Emirates

The Emirate of Sharjah is one of the emirates of the United Arab Emirates, which covers 2,590 square kilometres (1,000 sq mi) and has a population of over 1,400,000 (2015). It comprises the capital city of Sharjah, after which it is named, and other minor towns and exclaves such as Kalba', Al Dhaid, Dibba Al-Hisn and Khor Fakkan.

<span class="mw-page-title-main">Emirate of Ras Al Khaimah</span> Emirate and one of the constituents of the United Arab Emirates

Ras Al Khaimah (RAK) is one of the seven emirates that make up the United Arab Emirates (UAE). The city of Ras Al Khaimah, abbreviated to RAK or RAK City, is the capital of the emirate and home to most of the emirate's residents. It is linked to the Islamic trading port of Julfar. Its name in English means "headland of the tent". The emirate borders Oman's exclave of Musandam, and occupies part of the same peninsula. It covers an area of 2,486 km2 (960 sq mi) and has 64 km (40 mi) of beach coastline. As of 2015, the emirate had a population of about 345,000.

<span class="mw-page-title-main">Ras Al Khaimah International Airport</span> Airport in Ras al-Khaimah

Ras Al Khaimah International Airport is an international airport located in the Emirate of Ras al-Khaimah, United Arab Emirates 11 nautical miles south of Ras Al Khaimah, on the coast of the Persian Gulf. The airport has two passenger terminal buildings as well as cargo, aircraft maintenance, and aviation training facilities.

<span class="mw-page-title-main">Saqr bin Mohammed Al Qasimi</span> Ruler of Ras Al Khaimah

Sheikh Saqr bin Mohammed Al Qasimi was the Ruler of Emirate of Ras Al Khaimah from 1948 to 2010. On 10 February 1972, under his leadership, Ras Al Khaimah become the seventh Trucial State to join the United Arab Emirates.

<span class="mw-page-title-main">Ras Al Khaimah Free Trade Zone</span>

Ras Al Khaimah Free Trade Zone is a special economic zone in Ras Al Khaimah. RAK FTZ is around an hour drive from Dubai.

<span class="mw-page-title-main">Poti Sea Port</span> Seaport and harbor in Poti, Georgia

The Poti Sea Port is a major seaport and harbor off the eastern Black Sea coast at the mouth of the Rioni River in Poti, Georgia. Its UN/LOCODE is GEPTI and is located at 42°9′18″N41°39′16″E

Khor Khwair is an industrial zone located next to Saqr Port in the city of Ras Al Khaimah, United Arab Emirates (UAE). Located some 25km north of the city, the zone contains marble and concrete manufacturing facilities as well as LPG processing and other industrial enterprises. Saqr Port was inaugurated on 17 September 1977 by the then-Ruler of Ras Al Khaimah, Sheikh Saqr bin Mohammed Al Qasimi - the day after, he attended a ceremony to mark the export of the first five million tons of rock from Ras Al Khaimah.

<span class="mw-page-title-main">Tabakhmela</span>

Tabakhmela is a village in the Kartli region, overlooking the city of Tbilisi, Georgia. The village is also home to several traditional religious festivals throughout a year, particularly Tamaroba.

<span class="mw-page-title-main">Al Qasimi</span> Ruling royal family of Sharjah and Ras Al Khaimah

The Al Qasimi is an Arab dynasty in the Persian Gulf that rules Sharjah and Ras Al Khaimah, today forming two of the seven emirates of the United Arab Emirates. They are one of the longest reigning royal families in the Arabian peninsula. Historically, they also ruled over the town of Lengeh as sheikhs for a century until its' annexation by Iran in 1887.

Sheikh Khalid bin Saqr Al Qasimi is the former Crown Prince and Deputy Ruler of the Emirate of Ras Al Khaimah, the northernmost Emirate of the United Arab Emirates. He is the eldest son of Sheikh Saqr bin Mohammed Al Qasimi, who ruled Ras Al Khaimah from 1948 until his death in 2010.

<span class="mw-page-title-main">Sheraton Grand Tbilisi Metechi Palace</span> Hotel in Tbilisi, Georgia

The Sheraton Grand Tbilisi Metechi Palace is a five-star hotel in Tbilisi, the capital of Georgia. It is in a central area overlooking Old Tbilisi and operated by Marriott International. The hotel opened in 1991.

<span class="mw-page-title-main">Saud bin Saqr Al Qasimi</span> Ruler of Ras Al Khaimah

Sheikh Saud bin Saqr Al Qasimi is the current ruler of the Emirate of Ras Al Khaimah, one of the seven emirates of the United Arab Emirates. He became the chief of the ruler’s Emiri court in 1979, the head of the Municipal Council in 1986, and the Crown Prince and Deputy Ruler of the Emirate in June 2003. Then, he officially became the ruler of the Emirate of Ras Al Khaimah in 2010 after his father’s death.

<span class="mw-page-title-main">Al Falayah Fort</span> 18th-century fort in Ras Al Khaimah, United Arab Emirates

Al Falayah fort is an 18th-century fort in Ras Al Khaimah, United Arab Emirates (UAE). Traditionally the summer residence of the ruling Al Qasimi family, the fort was used as a rest house.

Humaid Saqer Al-Qasimi was a Member of the Sharjah Ruling Family Al-Qasimi, one of the six ruling families of the United Arab Emirates and who ruled two of the seven emirates: Sharjah and Ras al-Khaimah.

Sheikh Saqr bin Khalid Al Qasimi (1883–1914) was the Ruler of Sharjah, a Trucial State and now one of the United Arab Emirates, from 1883–1914. He took control over Sharjah in a coup during the absence of his uncle, Salim bin Sultan Al Qasimi, and ruled both Sharjah and, from 1900 until his death in 1914, Ras Al Khaimah.

Sheikh Khalid bin Sultan Al Qasimi was Ruler of Sharjah, a Trucial State and now one of the United Arab Emirates, from 1866 to 1868 and of Ras Al Khaimah from 1866 to 1867. His short rule was most notable for the means of his accession, which involved the murder of his nephew, and also his death, at the hands of Abu Dhabi Sheikh Zayed bin Khalifa Al Nahyan in single combat.

<span class="mw-page-title-main">Ras Al Khaimah</span> Capital of the Emirate of Ras Al Khaimah, United Arab Emirates

Ras Al Khaimah, often referred to its initials RAK and historically known as Julfar, is the largest city and capital of the Emirate of Ras Al Khaimah in the United Arab Emirates (UAE). The city had a population of 191,753 in 2022, and is the sixth-most populous city in UAE after Dubai, Abu Dhabi, Sharjah, Al Ain and Ajman. The city is divided by a creek into two parts: old town in the west and Al Nakheel in the east.

<span class="mw-page-title-main">Mohammed bin Saud Al Qasimi</span> Crown Prince of Ras Al Khaimah

Sheikh Mohammed bin Saud bin Saqr Al Qasimi is the Crown Prince of the Emirate of Ras Al Khaimah in the United Arab Emirates and the former chairman of RAK Ceramics.

The United Arab Emirates (UAE) is a relatively new country – it was formed in 1971. However, the history of the land that the UAE occupies dates back to the Neolithic Age, which is evidenced by inscriptions, drawings and archaeological finds uncovered in the seven emirates during the period from the early 1950s to the present day.

References

  1. ↑ "Introduction". Archived from the original on 2013-07-31. Retrieved 2013-07-31.
  2. ↑ "COVER STORY - RAK SPECIAL REPORT - The man who sold the world. - Free Online Library" . Retrieved 2 December 2016.
  3. 1 2 "Archived copy". Archived from the original on 2013-07-16. Retrieved 2013-07-31.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ↑ "RAK Government, World Bank to host global investors' conference | Invest and Live in Ras al Khaimah". Archived from the original on 2008-12-05. Retrieved 2013-07-31.
  5. ↑ "Home" . Retrieved 2 December 2016.
  6. ↑ National Agency of the Public Registry https://enreg.reestri.gov.ge/main.php?m=new_index&state=search
  7. ↑ McGinley, Shane (27 June 2013). "$1bn Real Madrid RAK resort 'indefinitely' on hold - ConstructionWeekOnline.com". Construction Week Online. Retrieved 2 December 2016.
  8. ↑ "Real Madrid make small but deliberate change to their crest for UAE resort island partnership". 30 March 2012. Retrieved 2 December 2016.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.