The Ras Al Khaimah Investment Authority (Rakia), the government's investment arm, is planning to reduce its international projects and focus on domestic ventures, on the instructions of His Highness Shaikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah.
This move will provide a further boost to the economy of the emirate, which has consistently achieved high growth rates throughout the international econ-omic crisis. This is in part because it has attracted industrial and manufacturing companies to its trade zones through its commitment to the free market and by offering internationally competitive business infrastructure and services. The latest example was an opening of a bus assembly line by Shaikh Saud in the emirate this week.
The success of Ras Al Khaimah is further evidence that manufacturing tangible goods needed by people and companies — rather than only developing services and financial products — is necessary to overcome international economic turmoil.
