Ras Al Khaimah Investment Authority on lookout for media entities

Ras Al Khaimah Investment Authority (Rakia) is looking to boost the presence of ­media companies within its free zone.

Rakia has signed an initial agreement with the National Media Council to support the issuing of licences to establish media-related companies in the emirate.

The new initiative makes Rakia the only free zone in Ras Al Khaimah servicing ­media-related companies. The free zone hopes to attract both local and foreign companies.

“This will play an important role in diversifying RAK’s economy by developing the media sector and opening new doors,” said Ramy Jallad, the chief executive of Rakia. “This marks another step for Rakia towards creating new business opportunities, coming up with unique competitive solutions and encouraging entrepreneurs, SMEs, and other companies from all over the world to set up and expand their businesses in the emirate of RAK. We are always committed to contribute to the economic div­ersification and support the development of new industries of all sectors.”

The media industry has become a key part of the UAE’s diversification drive. Dubai Media City has grown rapidly since it opened in 2001 and in 2015 had more than 22,000 registered employees in the zone.

Deloitte predicts that the region’s digital Islamic economy will nearly double in size in terms of Muslim con­sumer spending on lifestyle products and services, to reach US$30 billion by 2018.

Rakia’s new media lic­ences will include TV and radio broadcasting, publishing, adver­tising, communications, media monitoring and ser­vices, production and film support, music, entertainment, and events management.

In addition to media lic­ences, Rakia offers indus­trial, commercial, trading and consultancy/services licences under free zone and non-free zone jurisdictions.

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