RAK Chamber of Commerce and Industry is the second chamber of commerce commissioned in the UAE, as the Late Sheikh Saqr bin Mohammed Al Qasimi issued His High Decree for the incorporation of the Chamber on 22 October 1967, so that it may become the cornerstone for a more optimal regulation of the commercial affairs of the Emirate. The Chamber is a public interest organization, possessing a legal personality and administrative and financial independence within the scope of law, the Chamber’s Articles of Association, and its resolutions, along with the other regulations in force in the Emirate of Ras Al Khaimah.
The Chamber adopts the spirit of innovation and creativity, strong leadership, and initiative to support and develop business sectors to achieve excellence and become pioneers, focusing on clients, investors and business by meeting their needs and offering them added value. The Chamber is keen to create and develop a system of sustainable enterprise relations, and it also works to provide a business environment and practices that enhance the culture of group work by working in a spirit of a unified team – along with responding to internal and external changes by providing information, data, procedures, and laws for all concerned categories. This is to achieve transparency and credibility and to create a business-motivating environment to promote the Emirate as an economic hub.
In the course of the economic growth witnessed by the UAE in general - and the Emirate of Ras Al Khaimah in particular, and thanks to the directives of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and the Ruler of Ras Al Khaimah, and the follow-up on the part of H.H. Sheikh Mohammed Bin Saud Al Qasimi, the Emirate’s Crown Prince, the Emirate’s Chamber of Commerce had to cope with such development and include it through its service in order to contribute to the enhancement of economic and social development. This continued until it had become a rising and outstanding icon that participates in and supports the national economy by enabling the business sector to perform its tasks in the implementation of the plans and programs of overall economic development and to prepare the appropriate environment for the private sector to participate in the journey of commercial and economy operations.
Many initiatives are involved within the Chamber, namely, RAK Exhibitions Center, which aims to support commerce and industry and to revive all sectors by holding various exhibitions that contribute to economic growth, a factor which contributed to increased rates of economic growth and enhanced the economic position of the Emirate; the Saud Bin Saqr Establishment for Small and Medium Enterprises (RAK SME), which enhanced the Chamber’s role in SME development; and RAK Reconciliation & Commercial Arbitration Center, which was created to adjudicate commercial disputes.
The Chamber’s board of directors oversee the implementation of the public policy and provide the means with which to make such policy succeed - and thus demonstrate the Chamber’s role in the local community. There are some specialist committees on the board, which directly undertake several specializations in commercial and industrial fields and in arbitration processes. The Board of Directors is comprised of fourteen members, chaired by H.E. Mohammed Al Nuaimi.