By Staff writer
Ras Al Khaimah Investment Authority signs agreement to allow foreign media companies to set up operations in emirate
Ras Al Khaimah is seeking to attract media companies to the emirate after one of its freezones signed a deal to support the issuance of media licences.
Ras Al Khaimah Investment Authority (RAKIA) said in a statement that it had signed a memorandum of understanding with the National Media Council (NMC).
The new initiative marks RAKIA as the only free zone in Ras Al Khaimah servicing media-related companies, said Ramy Jallad, CEO of RAKIA.
He said that the expansion of industry activities offered by RAKIA will boost business opportunities for foreign and local companies in the media industry, who have traditionally opened offices in Dubai and Abu Dhabi.
"This will play an important role in diversifying RAK's economy by developing the media sector and opening new doors," he said.
Activities that can be carried out with media licences include TV and radio broadcasting, publishing, advertising, communications, media monitoring and services, production and film support, music, entertainment, and events management.
"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 Ras Al Khaimah. We are always committed to contribute to the economic diversification and support the development of new industries of all sectors," added Jallad.
In January, it was reported that the ruler of Sharjah issued a decree to establish a media city free zone in the emirate.
Sharjah Media City (SMC) Free Zone will aim to attract businesses from the media and creative industries and – like free zones elsewhere in the UAE – will have its own financial, administrative and legal powers.
The exact location of the free zone has yet to be announced.