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What is Ras Al Khaimah Investment Authority mean?
Ras Al Khaimah Investment Authority (RAKIA) was constituted by Emiri Decree No. (2)/2005 issued by the late Sheikh Saqr Bin Muhammad Al Qasimi in view of reinforcing the investment climate of this member of the United Arab Emirates (UAE) and promoting various economic sectors. Its establishment was linked to a World Bank study and investment promotion event in May 2005 ("Invest and Live in Ras Al Khaimah") 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.
Sectors under development include industrial parks, education and technology, real estate, transportation, manufacturing and energy, as well as offshore operations and other investments. Contrary to popular opinion, RAKIA is not a proper 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. The Government of Ras Al Khaimah as the owner or RAKIA raises funds from financial markets and passes this borrowed money on to RAKIA.
reference| Full Form | Category |
|---|---|
| RAK Investment Authority | Business |
| Ras Al Khaimah Investment Authority | Business |
Posted on 15 Sep 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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