RAK economy saw growth in 2009

11/01/2010 - Ras Al Khaimah Property News
RAK economy saw growth in 2009

Posted by Neil King

Ras Al Khaimah (RAK) in the UAE saw stability and growth in 2009 thanks to sound economic planning.

A government statement pointed to the emirate's development of its manufacturing sector last year, part of a long-term policy aimed at diversifying the economy that has resulted in industry contributing more than eight per cent to RAK's GDP.

"This policy, bolstered by state incentives and the establishment of dedicated industrial zones, has made a number of manufacturers in RAK sectoral leaders in the region and beyond," said the statement.

In addition, the government identified extensive business infrastructure investments such as those for updating the port of Mina Saqr that will allow a 400 per cent increase in cargo-handling capacity.

It was also suggested that the emirate has been capitalising on its natural attractions, including mountains, beaches and archaeological sites, in order to develop its tourism sector.

Last week, at the opening of Burj Khalifa, the world's tallest tower, Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum told news agency WAM that the building is evidence that the UAE economy is robust and ready to confront any challenge.