RAK economy to grow 10% this year

17/05/2011 - Ras Al Khaimah Property News Posted by Bob Brunskell
RAK economy to grow 10% this year
The economy in Ras Al Khaimah is to grow ten per cent over 2011, according to the emirate's ruler Sheikh Saud bin Saqr Al Qasimi.Speaking to Arabian Business, he said: "I expect we can make the same figure we have done last year, which is about ten percent," with the prospect of similar growth over the next few years.It is thought that much of this increase will come from strength in the industrial and tourism sectors.Indeed, RAK is on track to generate 20 per cent of its income from tourism by 2021, the ruler said.He told the news provider that RAK will aim to position itself as a lower-cost destination to Dubai and hopes to quadruple its visitor numbers.His comments come after the emirate launched the RAK Maritime City this week, its fifth port facility and the newest maritime free zone in the UAE.It covers an area of 800 hectares and has opened with an investment of Dh520 million.