RAKIS 2024 concludes after 2 eventful days
Focus on investment opportunities
The inaugural Ras Al Khaimah Investment and Business Summit (RAKIS), held from December 10 to 11, 2024, solidified the emirate’s commitment to long-term economic growth.
The summit, a key forum for investment and innovation, offered thought-provoking discussions on various topics, from the crucial role of public-private partnerships to cutting-edge innovations in sustainable energy, maritime, aviation, and real estate.
Industry leaders and policymakers outlined their visions for Ras Al Khaimah’s economic future. Dr Ahmed Rashed Al Shemeili, Acting Director General of the Ras Al Khaimah Chamber, welcomed attendees with an insightful address, setting a positive tone for discussions.
Christoph Koster, CEO of Ruya Community Islamic Bank, offered groundbreaking insights into the growing significance of digital Islamic banking. He highlighted how integrating digital solutions could provide new financing opportunities and optimise financial services for the wider business community, underlining the UAE’s innovative stance in the banking sector.
Abdulla Alnuaimi, Acting Director of Government Communication at the Ajman Chamber, addressed the importance of public-private partnerships. He underscored how these collaborative efforts are central to the UAE’s economic development and the creation of sustainable growth. His session focused on how fostering strategic alliances between the government and private enterprises can drive innovation, accelerate economic expansion, and address long-term challenges.
Make It in the Emirates
One of the key sessions on day two of the event was the Make It in the Emirates initiative, organised by the UAE Ministry of Industry and Advanced Technology. This session highlighted the UAE’s push to boost local manufacturing and increase industrial innovation. Experts discussed how the Make It in the Emirates programme supports local and international businesses by offering various incentives, tax benefits, and modern infrastructure.
The initiative is pivotal in diversifying Ras Al Khaimah’s economy, reducing its dependency on oil, and promoting the growth of the industrial sector as a primary engine for economic advancement.
The intersection of education and healthcare also took centre stage in a dedicated session, where panellists explored the synergies between these two critical sectors. Experts discussed how Ras Al Khaimah could leverage advanced educational systems alongside healthcare innovations to drive socio-economic growth.
The session focused on fostering a workforce equipped with 21st-century skills, from healthcare professionals to engineers, highlighting the pivotal role of a skilled labour force in boosting Ras Al Khaimah’s economic potential.
Sustainability was another key theme, with the Energising Ras Al Khaimah session exploring the emirate’s strategies for adopting renewable energy and reducing carbon.
Abdulla Al Saleh, one of the session’s speakers, highlighted the milestones that have helped shape the UAE’s broader economic growth and diversification efforts. Other speakers emphasised Ras Al Khaimah’s commitment to clean energy solutions, including solar power and energy-efficient technologies, and the UAE’s broader initiatives to meet international sustainability goals.
Technological advancements
Maritime and aviation innovations took centre stage in a dedicated session, showcasing how technological advancements reshape these vital sectors. Roy Cummins, CEO of RAK Ports, shared the success story of Ras Al Khaimah’s port transformation, focusing on cutting-edge technologies improving logistics and global trade connectivity.
He highlighted Ras Al Khaimah’s strategic location, positioning it as a critical player in maritime trade and aviation. Modernisation efforts have made the emirate a competitive force on the global stage.
The real estate sector also came under the spotlight, with experts discussing the robust market dynamics and investment opportunities that Ras Al Khaimah offers. Panellists forecasted the future of the real estate market, noting that Ras Al Khaimah’s government initiatives, strong investor confidence, and strategic urban developments are driving the sector’s growth.
The session painted an optimistic picture of the future, emphasising that Ras Al Khaimah is fast becoming an attractive destination for local and international investors, particularly in residential, commercial, and industrial property.
As the summit ended, there was a palpable excitement about Ras Al Khaimah’s future. The event successfully highlighted the emirate’s economic strengths and potential for growth across multiple sectors. With a clear focus on fostering innovation, sustainability, and strategic partnerships, Ras Al Khaimah is poised to become a global hub for investment, technology, and business.
Valiant Market Services, the summit organisers, confirmed that future editions would build on the success of this year’s event. The discussions, partnerships, and forward-thinking initiatives presented at RAKIS 2024 will be a strong foundation for continued dialogue, innovation, and investment in Ras Al Khaimah.
Hero image: The inaugural edition of RAKIS was a resounding success. Credit: RAKIS
