2010-07-28 13:36:22
WAM Ras Al Khaimah, July 28th, 2010 (WAM) -- A 15-member German business delegation recently visited Ras Al Khaimah to explore investment opportunities in the emirate, Ras Al Khaimah Investment Authority (RAKIA) announced.

The German delegation was given a comprehensive presentation highlighting the emerging investment avenues in Ras Al Khaimah, while underlining the distinct advantages of investing in the emirate. In particular the presentation focused on the role and achievements of RAKIA and RAK Ceramics, the world's largest ceramic tiles '&' sanitaryware manufacturing company.

"The visiting German delegation was seeking a feasible business opportunity that offers them a steady return on investment, complemented by a tax-free environment and strong government support. The delegation was highly impressed with Ras Khaimah's offerings and expressed their keenness to leverage the emirate's geographic location, business friendly policies and incentives to use it as a hub to enter the Middle East market," said Dr. Khater Massaad, CEO, RAKIA.

A recent report by RAKIA revealed a 75 per cent growth in the total number of businesses registered in Ras Al Khaimah - comprising local and international investors - during the first quarter of 2010. In the month of March, 115 new businesses registered with RAKIA, setting an all-time record with the most number of businesses registered with the investment authority in a single month. Overall, there are more than 6,500 companies registered with RAKIA, representing investors from diverse non-oil sectors, including industrial, commercial, trading, services/consulting, and media companies. There are 3,030 on-shore companies and a total of 3,500 companies registered through RAKIA's off-shore facility, which recorded a 90 per cent growth during the first quarter of 2010 over the same period in 2009.

In addition, RAKIA is in talks with several more companies from countries including Belgium, UAE, USA, Kuwait, Egypt, Turkey, Italy, India, Germany, France, Pakistan and Canada to set up business ventures and investment activities in the emirate. Up to 66 per cent of businesses registered in RAKIA are from international destinations like Europe, India, USA, Russia, CIS and several Asian countries, while 19 per cent are from the rest of the Middle East. Domestic investors account for the remaining 15 per cent of business registered in the emirate.

The German business delegation was accompanied by Germany-based SG Flensburg-Handewitt, one of the world's best handball teams and the European champions in handball league. The team, which is sponsored by RAK Ceramics Germany, was in Ras Al Khaimah for a training stint as part of their pre-season training campaign.

WAM/ES/AM