Dubai: Ras Al Khaimah's Investment and Development Office (IDO) said it is pursuing business possibilities abroad after having helped projects worth Dh20 billion in the emirate in two years.

The IDO was established in 2004 to help investors to set up their operations in Ras Al Khaimah and works directly under Crown Prince and Deputy Ruler Shaikh Saud Bin Saqr Al Qasimi.

"We are looking at the region to invest our money. Several opportunities have been identified in real estate, services and industrial sectors," IDO chief Izzat Dajani told Gulf News in an interview

"We are like Goldman Sachs for the Ras Al Khaimah government," he said, explaining the role that his organisation plays in RAK's ongoing economic diversification campaign.

While assisting investors with their projects, the IDO has also directly invested in several large-scale ventures in Ras Al Khaimah.

It has a seven per cent stake in RAK Petroleum, five per cent in RAK Properties and 25 per cent in the Saraya Islands development.

"We take between five and 10 per cent stakes in general across many industries. We invest for specific purposes. With such minor stakes we are telling the investors that we are with you but we do not dominate you," Dajani said.

"In two years the IDO has facilitated business worth Dh20 billion. We have done well but we can do better. We want more international capital, not just regional capital," the IDO chief said.

Lifestyle developments

Real estate, tourism and manufacturing remain key areas of focus in the government's economic development planning.

Dajani refers to real estate projects as "lifestyle developments" because they cover "so many aspects not just buildings."

"We have managed to gain the confidence of major players. Big names are coming to Ras Al Khaimah," he said.

The emirate is predicting its population of 250,000 will double in 10 years. Dajani said Ras Al Kaimah is aiming to increase tourism with new attractions along the coast and in the mountains.

"In three years, Ras Al Khaimah will start mountain tourism projects. There will be resorts, hotels and recreational facilities. We are working on a master plan. We have hired international consultants to help us identify the plateaus for developments," Dajani said.

"Once we finish the surveys, we will start planning resorts. In 2008, we will have a clear picture of what facilities we want to put in the mountains," he added.

One-fourth of the work on creating road access to the mountains has been completed and the rest is expected to be over in about two years.

The ongoing projects are also putting pressure on the emirate's power and water infrastructure.

According to Dajani, the desalination capacity is being utilised to its optimum level.

He pledged that the government will continue to invest in expanding the infrastructure to cope with the expanding economy.

"We know where the growth areas and we will make sure that they are covered with water, power, telecommunication networks," Dajani said.