Ras Al Khaimah Investment Authority (Rakia) is looking to boost the presence of media companies within its free zone.
Rakia has signed Rakia signed a Memorandum of Understanding (MoU) with the National Media Council (NMC) to support the issuing of licenses 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.”
In a statement, RAKIA said that activities that can be carried out with media licenses include TV and radio broadcasting, publishing, advertising, communications, media monitoring and services, production and film support, music, entertainment, and events management amongst others.
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.
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.
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 licenses 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 licenses, RAKIA offers industrial, commercial, trading and consultancy/services licenses under free zone and non-free zone jurisdictions.”