Ras Al Khaimah Investment Authority (Rakia) said it has signed an agreement with banking gaint HSBC to open a complete range of banking and financial services for companies operating in the emirate.

Rakia is a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities as well as in real estate developments and other ventures.

Dr Khater Massaad, CEO of Rakia, said this was 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 that are planning to expand their presence in the Middle East by establishing a manufacturing or operations base in Ras Al Khaimah."

"This is certainly another value-added 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," he added.

Abdulfattah Sharaf, CEO of HSBC UAE, said it has 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 socioeconomic growth and development, as we build on our strong working relationship to find innovative ways to help grow our customers’ businesses," the banker said.

A recent survey by HSBC demonstrated that whilst 47 per cent of UAE small and medium businesses are currently engaged in international business activities, this number is set to rise to 58 per cent by 2013.

Free Zones continue to offer attractive services and logistical support for companies looking to expand their cross border business, and offer a natural home for SMEs interested in establishing a base in the emirates.

The terms of the agreement cover a range of activities, designed to offer the best of HSBC’s wide geographic footprint and international expertise to Rakia’s customers, said Sharaf.

Rakia, for its part, will recommend HSBC as a potential finance services provider to its clients, including those that are seeking financing for projects within the free zone.

The two parties have also agreed to host joint seminars and workshops, in the UAE and in overseas locations where HSBC operates and ensuring local support from its offices for the Rakia team on their international road shows.-TradeArabia News Service