RAKIA’s current portfolio of investments primarily focuses on local enterprises and regional and foreign firms setting up operations in Ras Al Khaimah. The authority is also in a constant process of evaluating investment proposals across all industry segments.
The authority determines the economic viability of each proposed investment through feasibility studies and due diligence procedures.
Its investments are categorized as under:
Subsidiaries – Above 50% of share capital or controlling interestAssociates – 20% to 50% of the share capitalOthers or available for sales – less than 20% of controlling interest
To date the Authority’s investments have largely been in organisations that have operations within RAK. In addition, RAKIA has a strategy of making direct investments and entering into joint ventures with entities outside the Emirate.
RAKIA intends to use the experience and industry specific intelligence that it acquires from these investments to assist in developing similar projects within the Emirate.
Further foreign investments may be pursued on the basis of securing resources, expertise and industry specific knowledge that RAKIA believes would assist it in attracting new industries to the Emirate and thereby increasing the Authority’s client base.
CURRENT OVERSEAS INITIATIVES
RAK Aluminum Ltd
RAKIA has signed a memorandum of understanding for a joint venture with the government of the south Indian state of Andhra Pradesh to set up a one million ton per year alumina refinery plant and a 250,000 ton per year aluminum smelter in Andhra Pradesh.
This project is in the final stages of receiving approval from the Indian government.
Polo RAK Amusement LLC
It is a joint venture between India’s Polo Amusement Park, RAKIA and RAK Properties. It was formed to develop the AED852.25 million Wow RAK developments which will include two adjacent theme parks alongside a non-ticketed shopping and entertainment plaza and a kabana resort.
This development will be built on 477 thousand sqm in the Al Mazahmay region of the Emirate.