Ras Al Khaimah Investment Authority (RAKIA) – a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities – has recently signed a memorandum of understanding with HSBC, which will open a complete range of banking and financial services to companies operating in the emirate.
Dr Khater Massaad, CEO, RAKIA, said, “This is a breakthrough partnership that manifests the continuing success of RAKIA in attracting major business enterprises and investors to Ras Al Khaimah. We believe that our partnership with HSBC will help open more business opportunities in the emirate for global investors planning to expand their presence in the Middle East by establishing a manufacturing or operations base in Ras Al Khaimah. This is certainly another valueadded incentive for RAKIA’s clients that will further enhance the reputation of Ras Al Khaimah as one of the Middle East’s most conducive investment destinations.”
Abdulfattah Sharaf, CEO of HSBC UAE, added, “We have seen tremendous growth from Ras al Khaimah in the past year as it continues to establish a respected presence as an investment hotspot. We hope that this partnership will stimulate further socio-economic growth and development as we build on our strong working relationship to find innovative ways to help grow our customers’ businesses.”
A recent survey by HSBC showed that whilst 47 per cent of SMEs in the UAE are currently engaged in international business activities, that number is set to rise to 58 per cent by 2013.
RAKIA has been witnessing a steady increase in the number of business licences issued over recent years. In 2010, it issued 1,108, up by 27 per cent from 2009.