Ras Al Khaimah's economy grew 8% in 2009

01/09/2010 -
Ras Al Khaimah's economy grew 8% in 2009

Posted by Neil King

The economy in Ras Al Khaimah grew by about eight per cent last year, new figures show.

Data release by the Ras Al Khaimah Department of Economic Development revealed that the emirate's gross domestic product hit Dh17.5 billion in 2009, which amounted to an eight per cent increase on 2008, Emirates Business 24/7 reported.

In addition, the department estimated that domestic investments by both public and private sector bodies reached nearly Dh7 billion last year.

According to Emirates Business, Ras Al Khaimah's economic growth was partly attributable to the government's heightened efforts to attract capital.

The economic figures also put the emirate's population at around 256,000 at the end of 2009, making it the fourth largest emirate in the UAE in terms of population and economy.

Meanwhile, it was reported this week that the National Bank of Abu Dhabi (NBAD), the UAE's number one bank, is to sponsor the upcoming Ras Al Khaimah-set Global Arab Business Meeting on September 26th-27th.

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