Ras Al Khaimah Investment Authority (Rakia) has announced that it has issued 1,108 licences in 2010, up 27 per cent when compared to 2009 and 62 per cent compared to 2008.

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 in Ras Al Khaimah.

There are now 3,679 business licences issued by Rakia since 2006, broken into 1,042 consulting/service companies, 1,028 trading/general trading businesses, 659 commercial companies, 628 industrial firms and 322 media businesses.

Rakia has also reported a 190 per cent improvement in the total area of land leased, reaching over one million square meters in 2010 from just 353,046 sq m in 2009.

A total of 84 land lease contracts were signed in 2010 for an average of 85,000 square metres of land leased each month.

Warehouse leasing likewise improved by 41 per cent with 100 contracts signed in 2010. An average of 4,615 sq m of warehouse space was leased each month in 2010, while the total area leased reached 55,374 sq m.

Dr Khater Massaad, CEO of Rakia said: 'The excellent growth figures reaffirm the strong reputation of Ras Al Khaimah as a preferred investment destination and an ideal business base in the Middle East.

'It likewise underlines the success of Rakia in developing and promoting attractive business packages and incentives to potential investors from all over the world.

'Its impressive performance in 2010 has opened more exciting possibilities in the future and we certainly look forward to sustain the positive growth trend into the new year and towards the new decade,' he added.

The industrial sector scored the biggest gains in 2010 with a 65 per cent increase in industrial licences compared to 2009.

In total, there were 93 industrial licences issued last year, along with 85 commercial licences, 370 consulting/service licences, 494 trading/general trading licences and 66 media licences.

The Amenity Centre, one of the premier office destinations in Ras Al Khaimah, registered a 99 per cent occupancy rate. Job market activity also picked up in the emirate as reflected by an 18 per cent increase in the issuance of employment visas last year, he added.-TradeArabia News Service