Business | Economy
Ras Al Khaimah economy to grow up to 18%
The economy of Ras Al Khaimah will grow at a rate between 15 to 18 per cent this year, as the government is commissioning an urban development masterplan that will include a rapid transit system that will eventually be linked to the national rail system, a top official said.
- By Saifur Rahman, Business Editor
- Published: 23:39 July 15, 2008
Ras Al Khaimah: The economy of Ras Al Khaimah will grow at a rate between 15 to 18 per cent this year, as the government is commissioning an urban development masterplan that will include a rapid transit system that will eventually be linked to the national rail system, a top official said.
"Ras Al Khaimah is undergoing a major development and we expect the economy to grow at between 15 to 18 per cent this year," Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, told reporters on Tuesday.
"We have grand plans for the emirate's future and we are currently working on an urban development masterplan that will help reshape the emirate's economy."
The Ras Al Khaimah Government is currently in the process of developing a master plan for the emirate that will bring all the lands under a landscaped urban development scheme.
"Tourism, industry and services, will remain at the centre of our economic gameplan as we diversify the economy," he said.
"Projects like Mina Al Arab, the Gateway City and Al Marjan Islands are no longer dreams. In five years' time, people will be living there. These are realities that we are talking about.
Vision
"In five years' time, Ras Al Khaimah will become a major metropolis retaining its own identity and culture as a modern and vibrant Arab society where people from other countries will work and live."
Since becoming the Crown Prince and Deputy Ruler of Ras Al Khaimah in June 2003, Shaikh Saud has spearheaded a massive economic development programme that is bearing fruits now.
The emirate has attracted Dh9.1 billion investment in industries, while more than Dh35 billion are being pumped into its real estate sector.
Projects
Since then, the emirate launched RAK Properties, RAK Petroleum, Ras Al Khaimah Investment Authority that is spearheading investment in the industrial sector, projects like Al Hamra Village, Mina Al Arab, Al Marjan Islands, the Cove, La Hoya Bay and others.
Its real estate development arm, Rakeen, is building Gateway City, RAK Financial City, RAK Convention Centre, among others.
"Projects like Mina Al Arab, Al Marjan Islands and RAK Financial City reflects our intention to diversify economy while these projects will suit a wide variety of investor interest," Shaikh Saud, who received a media delegation at his palace, said at the press briefing.
He said the RAK Government launched an e-government portal last month to facilitate online government services.
"It is an excellent tool to communicate and deliver service to people and we will introduce more services online to help residents and citizens," he said.
He earlier opened a sales centre at Bab Al Bahr project, part of the Dh5 billion Al Marjan project.
Will the infrastructure plans encourage you to invest in the emirate? Do you consider traffic before investing in a property? Should other emirates also build rapid transit systems to ease the ongoing traffic problems? Tell us at
letter2editor@gulfnews.com or fill in the form below to send your comment.
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