The Ras Al Khaimah Government has recently announced that it has achieved significant success in its efforts to launch socioeconomic programs that promote economic sustainability, enhance the quality of life, and preserve the emirate's abundant natural and archaeological attractions. During a press conference held today (Tuesday, July 20, 2010), Dr. Khater Massaad, CEO, RAKIA, outlined a growth roadmap to boost the economic integration and lifestyle offerings of RAKIA, RAK Ceramics and Al Hamra Village in order to achieve the long term socio-economic goals within the emirate.
The Crown Prince and Deputy Ruler of Ras Al Khaimah, Sheikh Saud Bin Saqr Al Qasimi, has been widely recognised as the architect of the emirate's new direction towards a more diversified economy. Under H.H. Sheikh Saud's leadership, the emirate's GDP, which now stands at USD 4.30 billion, achieved a remarkable average growth of 14 per cent per year from 2004 to 2008, and 9 per cent in 2009.
One of the key initiatives undertaken by Sheikh Saud was to invite the World Bank to make a series of studies on how to make Ras Al Khaimah a business-friendly and efficient investment destination, which resulted in the establishment of manufacturing, tourism, real estate, construction and services as key growth sectors of the local economy. In the last two years, Ras Al Khaimah has also achieved "A" ratings from S&P and Fitch primarily through Sheikh Saud's efforts to consolidate the RAK Government's balance sheet.
Sheikh Saud said: "The goal of the emirate is to create an atmosphere that is conducive to work and to live. The guiding principle has always been to enhance the quality of life in Ras Al Khaimah both on the social and economic fronts, and we are certainly making excellent progress towards establishing the emirate as a place where business and lifestyle converge."
The emirate's commitment to realise its long-term objectives of becoming a haven for business and home living is manifested by the success of key initiatives that have been launched by the emirate. In particular, three such success stories stand out: RAKIA, RAK Ceramics and Al Hamra Village.
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