Ras Al Khaimah's Gross Domestic Product (GDP) has grown by more than 50% over the last four years and the fast- growing emirate, riding a wave of massive inward investments, is expected to clock an annual growth rate of over 15% in the next few years, Ras Al Khaimah Investment Authority (RAKIA) announced at the Ras Al Khaimah Conference 2008 which started off at the Al Hamra Fort Hotel here today.
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 which stood at Dh7.1 billion in 2003 has grown to touch Dh 11.12 billion 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. He said that RAKIA has been able to attract around US$2 billion 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.
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. - Emirates News Agency, WAM
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