Ras Al Khaimah Investment Authority (Rakia) Industrial Parks has been named one of the world's 10 "best economic potential" free zones in FDI Magazine's inaugural global ranking of economic zones.

The FDI Magazine rankings covered more than 700 economic zones worldwide, which were assessed based on qualitative and quantitative data.

Rakia Industrial Parks, the free zones being managed by Ras Al Khaimah Investment Authority (Rakia), a major provider of investment opportunities and one-stop solutions in its free zones, are fast emerging as a destination of choice for local, regional and international investors, and have played a key role in Rakia's successful efforts to generate close to $3 billion worth of investments from all over the world, a statement said.

Through Rakia's efforts, the emirate of Ras Al Khaimah has attracted more than 6,500 investors from Europe, India, USA, Russia, CIS, Asia and the Middle East, with the Rakia Industrial Parks serving as the top attractions among investors, it added.

"Up to 66 per cent of Rakia-registered businesses are from Europe, India, US, Russia, CIS and other Asian countries, with 19 per cent coming from the Middle East. The large volume of foreign direct investments highlights the growing importance of Ras Al Khaimah as a favourable business destination in the region,” said Dr Khater Massaad, CEO of Rakia.

“The distinction earned by Rakia Industrial Parks as the world's 10 Best Economic Potential free zones reaffirms the success we have achieved in promoting Ras Al Khaimah among investors worldwide,” he added.

The FDI Magazine global rankings and awards are recognised as the most authoritative research projects and special economic zone comparisons ever conducted.

The criteria in judging the 10 Best Economic Potential free zones were total size of zone, total land available for development, total employment, number of businesses operating, growth of businesses operating from 2009 to 2010, total volume of goods processed, total number of imports, total number of exports, GDP growth rate (past five years), GDP growth rate from 2008 to 2009, inflation and global competitiveness index. – TradeArabia News Service