Rak: One Of The Fastest Growing Emirates In The Uae

RAK is the fourth largest emirate in UAE

RAK is the fourth largest emirate in UAE. Rak was the last emirate to join UAE in 1972, post the formal establishment of the latter as a combination of six emirates in the previous year. It occupies a strategic location in the heart of the Middle East on the Strait of Homruz.

Rak political system is headed by its ruler HH Sheikh Saqr bin Mohammad Al Qassimi since 1948, providing 58 years of stable political governance. The Deputy ruler and the crown prince endeavor to develop an environment, most conducive to business under their able leadership, the emirate already boast businesses that compete successfully in numerous globalmarket.

Its economy is unique in that it has minimal dependance on oil, unlike some of the other emirates in the UAE and most of the countries in the region. Agriculture plays an important role in the Emirate. The fertile cultivable plains are productively used for vegetables, fruits and grains, while milk and cheese farming is also common in the emirate.

Fishing is plentiful in the rich waters of the Arabian Gulf. The emirate is also a picturesque and has moderate climate in winter giving an opportunity for it to be marketed as a tourist location. Whole and retail trade has played a major part in the emirates economy. Among the major sectors besides crude oil and wholesale retail trade and repair services that have led the growth of the emirates GDP are restaurants and hotels, electricity and water and manufacturing, other sectors.

With a diverse landscape, as well as a vats supply of natural resources, The city is aiming to become a regional leader in Tourism, real estate and industry.

The government has launched an offshore facility, second in the UAE, that is expected to lure investors looking for a new tax haven. The initiatives, called International Company Registry, will allow foreign investors to have their offshore companies in the free trade zone without the need to establish a physical presence.

Rak Offshore is a true offshore facility and regularity body that has a complete offshore non-resident business and financial services. It is the cheapest incorporation in the Middle East. As people gain wealth they naturally want to protect it from political instability, unnecessary taxation, extravagant heirs and any other unwanted creditors. An offshore IBC is a route to achieve the levels of protection which is required.

An offshore Industry was small and mysterious 20 years ago. The increasing demand for offshore facilities has resulted in the growth of offshore services. Over 60% of the world's money flows through offshore today. Another important characteristics feature is its confidentiality and security.

It is designed to fill a clear gap in the regional and worldwide offshore opportunities available to businesses and financial companies. Ras al Khaimah offshore aims to be a regional business hub with unique competitive advantages that will appeal to a wide variety of businesses, enterpreneurs and investors.

by: Ramapati Singhania

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