Posted by Neil King
The Ras Al Khaimah Investment Authority (RAKIA) expects the emirate's gross domestic product (GDP) to grow by 12 per cent this year.
Khater Massaad, the body's chief executive, made the prediction after confirming that Ras Al Khaimah's GDP grew by 14 per cent per year between 2004 and 2008 and by nine per cent last year, the National reported.
The forecast also came as Sheikh Saud bin Saqr, crown prince and deputy ruler of Ras al Khaimah, outlined the government's aim to focus on attracting more businesses and foreign investment into the emirate in the coming years.
"We sit in the middle of the energy centre of the world. We sit in the middle of the world," said Sheikh Saud bin Saqr, adding: "We have to capitalise on what we have done."
The crown prince noted that a range of measures have been introduced to make Ras Al Khaimah a more attractive investment haven including free zones and tax exemptions.
Meanwhile, Mr Massaad revealed that negotiations are currently under way with companies in countries including the US, Turkey, India, Germany and Kuwait to set up business activities and investment ventures in Ras al Khaimah, the National said.
RAKIA has generated almost $3 billion in foreign investment and attracted 6,500 businesses since its launch less than five years ago.