RAK Airways is fourth national airline of United Arab Emirates, established under Emiri Decree No: 3/2006 issued by H.H. Shei ... kh Saqr bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, in January 2006. The airline is a private joint stock company incorporated in the RAK Investment Authority Free Zone with an authorized capital of AED 1.5 billion. read more