Investment opportunities in Ras Al Khaimah (RAK) for Indian businessmen were highlighted at a conference in Dubai late Monday.

In association with the Indian Business and Professional Council (IBPC) Dubai; RAK Investment Authority (Rakia) organised a conference for the members of IBPC. Sanjay Verma, the Consul General of India attended the event aimed at highlighting lucrative investment opportunities in the emirate of RAK.

“Of the many nations that have set up operations with Rakia, the Indian community represents around 29 per cent of non-resident investors who have made their home in RAK. As such, we continue to seek opportunities for reaching out to the Indian market, in order to highlight the emirate’s distinct advantages,” Rakia chief executive officer Dr Khater Massaad said at the conference.

Dr Massaad said that there are 11,000 companies registered under Rakia as of today and it is important to mention that none of the companies closed down its business after global financial crisis in 2008. They are expanding business under Rakia, he added. Responding to questions at the conference, he said there is no power shortage in the Emirate and there is a plan to generate more power through turbine. Answering another question, he assured 40 fils per kW in RAK.

Of the UAE’s successful emirates, RAK continues to thrive and succeed in attracting FDIs to its doorstep, with Rakia — a leading pilot of this development for promoting the emirate’s strengths — expressly a distinct cost advantage coupled with business-friendly policies and strong governmental support. Dr Bharat Butaney, president of IBPC, said: “Working in conjunction with Rakia, we have been able to open up more doors for the businessmen and professionals we represent. We are grateful for the support and are eager to continue building on opportunities for our members.”

Dr Massaad further added: “Organising the event was important to honour the Indian investments that we value and to encourage new ones with Rakia. This is a fruitful relationship that will only grow stronger as time passes.”

This has already been evident with the rise of many Indian investments that have set up operations with Rakia. One such example is JBF India Ltd, which has established a world-scale Polyester plant in Rakia Industrial Park that rivals global competitors.

Rohit Maindwal, chief operating officer of JBF RAK, said: “With the support of Rakia, we have been able to grow and expand our operations into an entity that is capable of competing with worldwide manufacturers. The ease of setup, the constant support and the freedom to succeed, has transformed our vision into a profitable reality.”