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Ras Al Khaimah: Ras Al Khaimah's Gross Domestic Product (GDP) has grown by more than 50 per cent over the last four years to Dh11.12 billion and the fast- growing emirate is expected to clock an annual growth rate of over 15 per cent in the next few years, a top government official told the Ras Al Khaimah Conference 2008 on Tuesday.
Dr Khater Massaad, Adviser to RAK Crown Prince and CEO of the Ras Al Khaimah Investment Authority (Rakia), said that there has been unprecedented all-round socio- economic prosperity in Ras Al Khaimah with the emirate recording tremendous growth in manufacturing, services and tourism and a considerable increase in living standards and per capita income.
"The GDP has grown by over 50 per cent over the last four years and we expect the growth momentum to carry forward in the years to come," he said.
GDP, which stood at Dh7.1 billion in 2003, has grown to Dh11.12 billion in 2006.
Dr Massaad said that the RAK strategy for development has been to encourage and promote the role of private sector towards socio-economic development.
"The private sector has a big role to play in the socio-economic prosperity of the nation, and we have to make sure that the private sector is provided with the appropriate regulatory framework to operate efficiently and productively," he said.
He said that Rakia has been able to attract around $2 billion in industrial investments in the last two-and-a-half years and the emirate has recently been rated by the FDI Magazine of the Financial Times Group of London as the best investment destination.
Raman Iyer, technical director and general manager at Rakia, said that Rakia has earmarked more than Dh3 billion to provide infrastructure facilities for investors at the Rakia industrial and free zones.
"Rakia has committed around Dh1.3 billion for the development of the Al Ghail Industrial Zone, including setting up a dedicated power plant in the industrial zone. That apart, Rakia is also investing another Dh2 billion for building other investor facilities like Rakia Business Centre, commercial complexes, warehouses and apartments," he said.
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