Ras Al Khaimah Investment Authority (Rakia), has announced that Ras Al Khaimah will be hosting the prestigious America’s Cup sailing competition in February of 2010, bringing the race to the region for the first time.

Rakia said that the Cup is the first of a series of upcoming prominent events that will reinforce RAK’s emerging status as a leading residential and tourist destination in the region.

“RAK's association with prestigious global events will help further enhance its image as a rapidly-evolving economy and a highly attractive investment and leisure destination in the Middle East,” said Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

Rakia has been expediting various development initiatives and implementing new strategies to bolster RAK's economic diversification program.

The government body affirmed that the energetic pace of socioeconomic advancement and various investor-friendly benefits such as 100 per cent exemption on income and corporate tax; zero import, export, sales and wealth taxes; 100 per cent repatriation of capital and profits; zero restrictions on hiring expatriates; and land at concessional rates have helped draw various industries both regionally and abroad to the emirate.

Established in 2005, Rakia is a pillar of the emirate's economic progress, generating billions of dollars in annual revenues through groundbreaking investment initiatives within the emirate and across the international markets.

Under Rakia's guidance, Ras Al Khaimah has been able to attract over 2,000 local and foreign investors representing over $2.3 billion in investments to the Industrial and Free Zones in Al Hamra and the Industrial Park in Al Ghail.-TradeArabia News Service