Global Investors' Conference starts off in RAK

Setting the tone of the two- day long high profile event, H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, in his opening address, announced the setting up of the AED 1 billion Technology and Industrial Development Fund dedicated for promoting industry and technology in RAK. 'The fund will provide targeted funding commitments to viable projects to set up high value technology and manufacturing units', he said.

Sheikh Saud pointed out that the aim of the Fund was to establish RAK firmly as a regional centre for research and development in a wide array of disciplines in order to encourage learning and innovation in the emirate, the UAE and the world at large.

The conference titled, 'Invest and Live in Ras Al Khaimah', comes as the conclusion of a comprehensive study undertaken by the World Bank to identify key areas for investment in the emirate.

Outlining the sector-wise developmental initiatives taken by the Government for achieving rapid growth and development, he said that the Government of Ras Al Khaimah was implementing an extensive infrastructure improvement programme, with particular emphasis on the emirate's roads. He said that the final phase of the Emirates Road Project will be complete within next month and would significantly cut the travel time to other emirates.

Sheikh Saud added that the Government has set the ground ready for the opening of a campus of George Mason University in RAK next year. 'This will give the young people of RAK, for the first time, access to a world class, fully accredited higher education institution without having to leave their homes and families', he said.

He said that the capacity of the sea ports in RAK would be enhanced from the current 7 million tones per annum to 30 million tones per annum, making RAK one of the leading freight handling centres in the region.

The Crown Prince said that steps have been taken to improve the availability of energy supplies to the industrial areas and the free zones to meet the growing demands. 'Ras Al Khaimah will be the first emirate to have stand alone power generation and we are constructing a new gas network to all the industrial zones', he said.

On the health sector, he said that the Government has recently initiated a partnership between the private and public sectors to build a new private hospital next to the emirate's biggest public hospital. 'The new state- of- the -art medical facility will be accredited to the US to meet stringent international standards', he said and added that H.H. Sheikh Khalifa bin Zayed Al Nahyan had recently made a generous donation of Dh 700 million to build a new cardiac speciality hospital in RAK.

Dwelling on the tourism sector, Sheikh Saud said that the Government was determined to tap the emirates distinct cultural heritage, its rich repository of natural resources-the deserts, mountain ranges, hot water springs, fertile plains and the pristine beaches, to make it a premier tourist destination in the entire region. 'We are investing heavily in developing the mountains as recreation and tourism areas where people can enjoy cooler weather, hiking and all sorts of mountain sports', he said.

Summing up his speech, Sheikh Saud said 'I believe the economy of RAK is on a verge of a tipping point after which we will see exponential change and growth that will be unstoppable'.

H.H. Sheikha Lubna Al Qasimi, UAE Minister of Economy and Planning presented a paper on 'Perspectives on Development Policy in the UAE'
at the opening session. Dr. Muhammad Khalfan bin Kharbash, UAE Minister of State for Finance, Sultan Nasser Al Suwaidi, Governor of Central Bank, Peter S Watson, of the Overseas Private Investment Corporation, USA (OPIC) and Dr. Marcos Ghattas, Programme Manager, MENA Technical Corporation, World Bank, presented papers on various topics at the inaugural session.