The role played by the Dubai Development and Investment Authority
(DDIA) surpasses anything else in the creation of New Dubai. The
Authority operates through a holding company named Dubai Holdings,
which owns most of Dubai's prestigious projects, including Dubailand,
Dubai Internet and Media City, Dubai Health City, etc. In order
to grow and prosper in a similar manner, Ras Al Khaimah has its
own version of DDIA. This is the role assigned to the Ras Al Khaimah
Investment and Development Office (IDO).
Investment and Development Office (IDO):
The new development paradigm of Ras Al Khaimah involves the improvement
of the emirate's investment climate by bringing about necessary
changes in administrative, legal and other levels to remove hurdles
to investment and business, the provision of world class infrastructure
and other support services to the private sector at competitive
rates, creation of a level-playing field to investors through
transparency in legal and regulatory framework as well as the
promotion of RAK as an exciting tourist destination. The IDO plays
a pivotal role in achieving these objectives.
"We are introducing a private sector mentality into government,
and view ourselves, in the figurative sense, as RAK inc,"
Dr. Izzat Dajani, CEO of RAK IDO, pointed out. The CEO's assertion
strikes a familiar note with the description that is generally
assigned to Dubai: that the emirate is run like a company. That
these words are more than just homilies is borne out by what the
Office has achieved so far. The IDO is the agency behind the successful
launch of the Dh. 1.1 billion RAK Properties IPO, which was oversubscribed
57 times, surpassing all market expectations. In fact, the Office
was the subscription manager to the issue.
RAK Properties:
The role of RAK Properties can in a way be likened to that of
Dubai's Emaar Properties, which was launched with the vision of
changing the financial landscape of Dubai. It is not just coincidence
that the Emaar public issue was a turning point in the UAE's primary
issue market and marked the first landmark in the development
of a broad based equity culture in the country's capital market.
The issue had also evoked similar response from small investors.
Upcoming Projects:
Following the footsteps of Emaar, RAK Properties has also drawn
up a road map, which will see the company enter into related areas
such as home finance. For instance, new projects on the drawing
board will be accompanied by the launch of a mortgage finance
company. The first major development plans to launch is the Mangrove
island development at an estimated cost of Dh 2.7 billion. The
project will develop over 72 hectares of land, located in the
heart of Ras Al Khaimah, for which the government has provided
free land.
The company's vision is to oversee the development
of joint projects with other investors. It is in a unique position
to launch operations immediately and there is no gestation period
involved for the drawing up of plans etc. as the IDO has already
been working on the master plan for the development, which made
it ready for implementation straightaway.
