Ras Al Khaimah reaps benefits of freehold move

Ras Al Khaimah has attracted Dh25 billion in investment since summer 2003, mostly in the form of foreign direct investment, said a top official.

Izzat Dajani, chief executive of Ras Al Khaimah's Investment and Development Office (IDO), told Gulf News yesterday, "Of the estimated Dh25 billion investment, about Dh10 billion has been channelled through IDO."

Ras Al Khaimah is the second emirate after Dubai to open property to non-Arab expatriate ownership. The freeholds in Dubai have yet to be registered with the Dubai Lands and Properties Department, according to developers, who are passing on a government guarantee to buyers.

Ras Al Khaimah, however, is the first to facilitate registration of freeholds with its Land Department

"Apart from real estate and tourism, we have also managed to attract a significant amount into the social services and manufacturing sectors, such as education, healthcare and manufacturing.

"Our cement factories account for about 70 per cent of the UAE's output. Three new plants are also being constructed to boost output."

Two new hospitals, including a 50-bed American Hospital, currently under construction, will open next year. A second is being constructed by the government at a cost of Dh300 million, he said.

IDO yesterday announced the development of the Dh1.83 billion Saraya Islands, a development in which Beirut-based Saraya Holding has a one-third stake. Saraya Holdings is owned by Lebanese lawmaker Saad Hariri, son of the late prime minister Rafik Hariri.