RULES AND REGULATIONS
TBY talks to Khaled Abdulla Yousef, Chairman of KAY Invest, on the diversification and entrepreneurial mindset that make Ras Al Khaimah a magnet for investment.
BIOGRAPHY
Khaled Abdulla Yousef is a Member of the Board and the Founder of KAY Invest, a local investment company with a diverse portfolio in finance, properties, and trading. He has over 26 years’ experience in providing fiscal, strategic, and operations leadership. He is also the CEO and member of the Board of Directors for Majan Printing and Packaging Company. Concurrently, he is an Executive Member of the Board for RAKEZ, RAK Ceramics, Falcon Technologies International, RAK Chamber, and RAK Data Center. Yousef holds a bachelor’s degree in business management from the University of Arkansas, US.How do you evaluate the efforts of the Ras Al Khaimah's economy to become more diversified?
Over the last 10 years, Ras Al Khaimah's economy has really boomed. We noticed that Ras Al Khaimah did not experience a significant impact from the financial crisis, so we came back and asked why this was so. We found out that there was no large negative impact on Ras Al Khaimah because we had planned the economy well in terms of the products and factories that we are providing; there were good feasibility studies conducted before companies were created. To attract investors we also created a proper ecosystem in the Emirate, which is why we agreed to create a free zone that provides a platform for any investor to come and open a company and invest in the Emirate through 100% ownership of their investments. RAKEZ was a great platform to draw in investors and also provide input for some of the rules and regulations that match investors' requirements in terms of heavy industry, banking, education, and consultation. We attracted a lot of investors and give them proper foundations. We then noticed there is a great demand for tourism here, which means we need more hotel rooms. We have 5,000 rooms but require 10,000; hence, the Emirate is easing up the regulations to build more hotels
How important has diversification been for Ras Al Khaimah?
We have been blessed by our leadership, and the leadership of the country and of each Emirate to have different styles that work in great combination. The leadership has logical targets and respects that everyone wants to compete in the market. We also have Emirates airline, which is bringing us a great deal of traffic with around 20 million tourists coming to the UAE every year. So that kind of support and blessing is there, making long-term investment more attractive and realistic. Ras Al Khaimah even supports other Emirates because growth in other Emirates has a knock-on effect on the UAE as a whole. If they are creating more demand and traffic within the entire UAE, everyone will benefit from that as everyone has different product offerings that are complimentary to each other.
To what extent is it more cost effective to set up business in Ras Al Khaimah compared to the other Emirates?
There is healthy competition, and every Emirate is trying to create a proper ecosystem for investors. Most investors will look at two things: the cost and the rules and regulations. The government is working to ease all these things to attract investors. We have a proper agreement and prices available; however, we take care of investors on a case-by-case basis. At the end of the day, minimal but proper rules and regulations are critical for attracting and retaining investors.
What are the main challenges when seeking investors to the Emirate?
Most large investors will look at energy prices, so gas and electricity are a challenge, which is governed by federal laws and applies to everyone. We can offset these issues with good rules and regulations. If you have a cheap energy price, but bad rules and regulations that do not allow you to take your product to market easily, then we would rather charge more but have one formal step to ensure optimization, leaving the investor free to import and export wherever they want. When you look at this kind of offset, then we are in a good situation.
What are the competitive advantages that Ras Al Khaimah presents?
The advantage is the price of land; it is an attractive area as we still have a lot of space compared to other Emirates. Second, rules and regulations are more flexible for businesses and entrepreneurs. We are trying to cater to this entrepreneurial mindset.
RULES AND REGULATIONS
TABLE OF CONTENTS
Interview
ndrea Di Gregorio, , Director of Energy Efficiency and Renewables , RAK Municipality Department
TBY talks to Andrea Di Gregorio, Director of Energy Efficiency and Renewables of the RAK Municipality Department, on the Emirate's overall strategy, specific programs, and early supporters of energy efficiency and renewables.
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Abdulrhman Al Shayeb Al Naqbi, Director General, Ras Al Khaimah Department of Economic Development (RAK DED)
TBY talks to Abdulrhman Al Shayeb Al Naqbi, Director General of the Ras Al Khaimah Department of Economic Development (RAK DED), on improving the ease of doing business, key diversification pillars, and the impact of new VAT.
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Sheikh Ahmed bin Saqr Al Qasimi, Chairman, Ras Al Khaimah Economic Zone (RAKEZ)
TBY talks to Sheikh Ahmed bin Saqr Al Qasimi, Chairman of the Ras Al Khaimah Economic Zone (RAKEZ), on offering investors a global platform, creating a one-stop shop, and the strategic comparative advantages of access to the Indian Ocean.
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Manu Mehra, CFO, RAK Investment & Development Office (RAK IDO)
TBY talks to Manu Mehra, CFO of the RAK Investment & Development Office (RAK IDO), on the role of free zones in diversification, the benefits of smart state intervention, and the keys most needed for a strong manufacturing sector.
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Yousef Esmaeel, Chairman, Supreme Committee of Saud Bin Saqr Establishment for Youth Enterprises Development (RAK SME)
TBY talks to Yousef Esmaeel, Chairman of the Supreme Committee of Saud Bin Saqr Establishment for Youth Enterprises Development (RAK SME), on incentivizing young people, working with local government to encourage entrepreneurialism, and the role of SMEs in the UAE marketplace.
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Abdullah Al Abdooli, Managing Director, Al Marjan Island
TBY talks to Abdullah Al Abdooli, Managing Director of Al Marjan Island, on the continuous growth of the real estate market in RAK, its robust investment landscape, and the Emirate's ambitious plans to develop its tourism sector.
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Hassan Hamdan Al Alkim, President , American University of Ras Al Khaimah (AURAK)
TBY talks to Hassan Hamdan Al Alkim, President of the American University of Ras Al Khaimah (AURAK), on the consequences of growing global demand for education and AURAK's efforts to attract students from beyond the Emirate.
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Gurumadhva Rao, Vice Chancellor, RAK Medical & Health Sciences University (RAKMHSU)
TBY talks to S. Gurumadhva Rao, Vice Chancellor of the RAK Medical & Health Sciences University (RAKMHSU), on the further development of higher education, its key differentiators, and the need for qualified doctors.
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Taner Topcu, Director, Ras Al Khaimah Economic Zone’s (RAKEZ) Academic Zone
Taner Topcu holds a bachelor's degree in Public Administration from Anadolu University in Turkey. He is an industry expert with more than 20 years of successful experience in education, hospitality, business development, and customer relations. Prior to joining RAKEZ in 2015, Taner worked at TECOM Investment's Education Cluster in Dubai Knowledge Village and Dubai International Academic City, where he worked in operations, business development, and account management. He also worked at Aabar Investments in Abu Dhabi as a Business Development Manager and at Dubai's Knowledge and Human Development Authority as a Director of Engagement Operations.
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