Ras Al Khaimah’s Gross Domestic Product grew by a phenomenal 18 per cent in 2005 to reach USD 2.5 billion, the emirate’s Investment and Development Office (IDO) announced at the first Ras Al Khaimah Conference for investors and business leaders today.
Dr. Izzat Dajani, Chief Executive of the IDO, also reported per capita GDP in excess of USD 12,600 and CAGR growth of 10 per cent between 2001 and 2005.
One of more than 30 high-profile speakers addressing the two-day conference at the Ras Al Khaimah Hilton, Dr. Dajani briefed delegates from around the world about the emirate’s development agenda and its leadership and investment vision. The Ras Al Khaimah strategy, he said, is to pursue economic diversification across its twin core areas of lifestyle development and industrial development.
“We believe in the importance of viewing development holistically,” Dr. Dajani said. “Simply developing certain components and ignoring others may be self-defeating and may not deliver the fully integrated lifestyle and quality of life one aspires to.”
Ras Al Khaimah, the fourth-largest emirate in the UAE, is also among its fastest growing in terms of investment and growth opportunities. In the hospitality sector alone, more than 20 hotels are expected to open in the next three to five years, with similar levels of growth predicted in the real estate, leisure, education, healthcare and industrial sectors. Thus far, the emirate has invested in excess of USD 225 million to draw world-class educational institutions into the emirate, and more than USD 70 million in similar healthcare partnerships, Dr. Dajani added.
“We are introducing a private sector mentality into government,” Dr. Dajani added. “We view ourselves as RAK Inc. in the manner and speed with which we operate.”
Patrick Butler, Vice President of the Washington Post Company and a high-profile communications consultant in the United States, suggested a new approach could also be used to improve relations between the Arab world and the United States.
“Communication is not the mission of political leaders alone,” Butler told the more than 200 investors, business leaders and other delegates assembled for the opening session of the RAK Conference. “I would encourage you (in private enterprise) to begin a conversation with the American people directly, through as many channels as make sense: the news media, educational and cultural exchanges, advertising and more conferences like the one that brings us together today.”
The RAK Conference continues until Tuesday, February 13, 2007, and is supported by Amana, CTC, Metito, Rasmala Investments, RAK Properties, Saraya Islands and Zamil Steel.
The Investment and Development Office, Government of Ras Al Khaimah (IDO)
IDO was established in 2004 by an Emiri Decree with the aim of identifying new investment opportunities and facilitating the task of prospective investors in their goal of embarking on the establishment of new businesses in Ras Al Khaimah. IDO showcases the unique features of Ras Al Khaimah to the prospective investor and ensures that a viable business venture is set up without hindrances. IDO acts as an economic ambassador and facilitator of ideas that will differentiate Ras Al Khaimah from other Emirates and enhance its investment climate. IDO has provided support in the launch of major companies such as RAK Properties, RAK Petroleum, RAK Lube Oil Company, EDRAK and Saraya Islands. IDO is also active in seeking investment opportunities globally whether through new ventures or Mergers & Acquisitions (M&A) activities determined by the quality and attractiveness of the assets in different sectors to include industry, tourism and services. Information on the company and its portfolio can be found at www.rakinvest.ae
