RAK GDP grows by more than 50% over the last four years

Delivering the keynote address at the conference, Dr. Khater Massaad, Advisor to RAK Crown Prince and CEO of Rakia, said that there has been an unprecedented all round socio- economic prosperity in Ras Al Khaimah with the emirate recording tremendous growth in Manufacturing, Services and Tourism sectors and considerable rise in living standards and per capita income. "RAK GDP has grown by over 50 percent over the last four years and we expect the growth momentum to carry forward in the years to come," he said.

RAK GDP which stood at Dhs7.1bn in 2003 has grown to touch Dhs11.12bn in 2006.

Dr. Massaad said that the RAK strategy for development has been to encourage and promote the role of private sector towards socio- economic development. "The private sector has a big role to play in the socio- economic prosperity of the nation, and we have to make sure that the private sector is provided with the appropriate regulatory frame work to operate efficiently and productively," he said.

He said that Rakia has been able to attract around $2bn in industrial investments to Ras Al Khaimah in the last two and a half years and the emirate has recently been rated by the FDI Magazine of the Financial Times Group, London as the best investment destination.

Speaking at the conference, Raman Iyer, Technical Director and General Manager at Rakia, said that Rakia has earmarked more than Dhs3bn to provide infrastructure facilities for investors at the Rakia industrial and free zones.

"Rakia has committed around Dhs1.3bn for the development of the Al Ghail Industrial Zone, including setting up a dedicated power plant in the industrial zone. That apart, Rakia is also investing another Dhs2bn for building other investor facilities like Rakia Business Centre, commercial complexes, warehouses and apartments," he added.

The Ras Al Khaimah 2007 conference, organized by Rakia and MEED, is showcasing the investment opportunities and the development plans of the emirate.

More than 35 high profile international speakers and scores of entrepreneurs and business leaders are attending the two-day conference and its specialized sessions on tourism, aviation, real estate, free zones, manufacturing, energy and other growth sectors.