FINANCIAL NEWS

Rakia issues 370 new business licenses by April-end

03 Jun 2010

(MENAFN) The Ras Al Khaimah Investment Authority (Rakia) said that it has issued a total of 370 licenses to different businesses between January to April 30, registering a 78 percent growth over the corresponding period last year, Khaleej Times reported.

This takes the total number of registered companies in Ras Al Khaimah to 2,941, said Dr Khater Massaad, CEO of Rakia, while speaking at the Arab International Industrial Forum (AIIF) that concluded recently in Doha.

Dr Massad said the number of trading licenses increased by 150 percent from the first quarter of 2009 mainly due to the introduction of new warehousing units in Rakia free zone and non free zone; low cost for rental space and increasing logistics companies using Ras Al Khaimah as their base.

Dr Massad pointed out that over all the number of licenses issued by Rakia had increased ten-fold in the last five years thus underlining Rakia?s strong performance in recent years.

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