Ras Al Khaimah Investment Authority (RAKIA) was constituted by Emiri Decree No. (2)/2005 issued by the late Sheikh Saqr Bin Muhammad Al Qasimi in view of reinforcing the investment climate of this member of the United Arab Emirates (UAE) and promoting various economic sectors.[1] Its establishment was linked to a World Bank study and investment promotion event in May 2005 ("Invest and Live in Ras Al Khaimah")[2] initiated and pursued by the Swiss-Lebanese engineer Khater Massaad who was a long-time adviser to Sheikh Saud Bin Saqr Al-Qasimi, the creator of RAK Ceramics and the longtime CEO of RAKIA.