RAK steps up bid to woo foreign investors
Ras Al Khaimah, March 22, 2010
With its strategic location in the northernmost part of the UAE coupled with a programme of ambitious economic reforms, Ras Al Khaimah is set to attract an increasing number of investors to its shores, said a top official.
Sheikh Saud bin Saqr Al Qasimi, the emirate’s Crown Prince and Deputy Ruler said RAK’s leadership recognised that a willingness to accommodate the demands of the international business community was key to helping the country attract further investment from around the world.
“Entrepreneurs are the vehicles of growth,” Sheikh Saud said. “They know how to make money and how to create value. It is very important for us to continuously strive to improve the investment environment and ensure changes that will lead to successful enterprises,” he added.
Sheikh Saud was speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm.
The full interview will appear in the Group’s forthcoming business guide, 'The Report: Ras Al Khaimah 2010,' together with detailed business intelligence on the emirate’s macroeconomics, infrastructure, political landscape, banking and sectoral developments.
Sheikh Saud pointed out that encouraging foreign talent to team up with the local workforce would undoubtedly act as a trigger for economic growth.
As the country’s diversification strategy begins to take shape, Sheikh Saud outlined the plans earmarked for industry and the services sector.
He said that the development of RAK’s tourism industry was top of the list as the emirate looked to raise its profile among a broad range of visitors.
“The tourism industry will continue to be the main focus of our diversification strategy,” Sheikh Saud said. “We continuously assess how we can manage and market the emirate for visitors, both business and leisure,” he added.
Sheikh Saud voiced his confidence in the Central Bank which, he said, had found a balance between supporting local banks and allowing the free market to continue operating.
“The Central Bank is aware of its role to support and stabilise the entire banking sector of the UAE,” he said. “It has acted wisely in times of crisis,” he added.
The Report: Ras Al Khaimah 2010 will mark the culmination of six months of groundbreaking field research by a team of analysts from OBG, assessing trends and developments in all major sectors of the economy, including energy, industry, financial services, tourism, transport and real estate.
The report will also contain an interview with Sheikh Omar bin Saqr Al Qasimi, chairman of RAK Bank, Gulf Cement and head of the private department for Sheikh Saqr Al Qasimi, Ruler of RAK, alongside the views of other high-profile personalities from business and politics.-TradeArabia News Service