Dubai: A government body promoting investment in Ras Al Khaimah (RAK) says it has attracted projects more than Dh20 billion into the emirate in the last two years - a figure which it aims to double by 2010.

Officials at RAK's Investment and Development Office (IDO) say 60 per cent of its future investment deals will be channeled into the lifestyle development, which includes booming sectors such as tourism, leisure and real estate.

Industrial development will account for the remaining 40 per cent.

Considered the rising star of the UAE, the country's northernmost emirate recently began an ambitious phase of development, including investments in infrastructure improvement, tourism, shopping, and efforts to pull in industrial and commercial enterprises.

The emirate's economic growth is expected to generate more than 40,000 jobs in the next three to five years.

"The name Ras Al Khaimah has been synonymous with investment over the last few years," said Izzat Dajani, the IDO's chief executive.

"In the last two years the IDO has delivered Dh20-Dh21 billion worth of projects, which has exceeded our own expectations. The challenge is to at least double that in the next two to three years."

Dajani highlighted several recent multi-billion dirham projects, including the Dh5.5 billion Saraya Islands residential and tourism project - a joint initiative of the RAK government, Saraya Holdings and Arab Bank.

Others include RAK Petroleum, a public sharing company worth Dh3 billion, and the ambitious Dh1.5 billion Edrak Co - an educational initiative aimed to turn the emirate into a world-class learning hub.

According to the IDO, RAK's economy is currently dominated by the services sector, which accounts for 60 per cent of its Dh6.96 billion GDP.

Dajani was speaking to Gulf News during an event held to announce the Ras Al Khaimah Conference 2007, which will be held from February 12-23 in the Hilton Ras Al Khaimah.

Organised by business weekly MEED in association with the IDO, the event will focus on future investment opportunities in the emirate.