DEFINITION of 'Ras Al Khaimah Investment Authority - RAKIA'
An organization established under a 2005 decree issued by the ruler of Ras Al Khaimah in United Arab Emirates (UAE). RAKIA's vision is to become the leading authority in making sound investments in Ras Al Khaimah and partner with other parties who share this vision in order to create a sustainable and growing economy. The formation of RAKIA has been an important step towards meeting the Ras Al Khaimah royal family's objective of making the emirate a regional hub for manufacturing, service and tourism.
BREAKING DOWN 'Ras Al Khaimah Investment Authority - RAKIA'
Ras Al Khaimah is a 35-45 minute drive from Dubai. Businesses set up in RAKIA's free trade zones enjoy several advantages such as complete exemption from all taxes, total repatriation of capital and profits, and land leases at highly concessional rates.