"The focus will be more on lifestyle, with 60 per cent of the investment going to that sector. The rest will be in the industrial segment," said Dr Izzat Dajani, Chief Executive Officer of the RAK Government's Investment and Development OfficeRAK Government's Investment and Development Office.

In 2005, RAK's gross domestic product grew by 18 per cent to $2.5 billion (Dh9.1bn), with per capita GDP exceeding $12,900 (Dh47,343).

"We were better known for our industries earlier, but now we are known for our lifestyle developments. Many major real estate projects are coming up in the emirate, with more than 20 hotels set to be completed in the next three to five years," Dajani said.

Among the projects are Saraya Islands, the Al Hamra development and La Hoya Bay, while Banyan Tree, Marriott, Rotana and Hilton have announced plans for new hotels in Ras Al Khaimah.

The emirate, Dajani said, is looking at becoming a regional education and healthcare hub in order to differentiate itself from the other emirates.

"All talk has been about real estate and the stock market, but very few spoke about the human aspect. We are convinced that talent and people can be nourished as we look at becoming a regional hub for education," he said.

Dubai has created Knowledge Village, where leading educational institutions have set up bases. Dajani feels, however, that there are "further opportunities" for Ras Al Khaimah, and cites George Mason University and Tufts University, which will set up base in the emirate.

The northern emirate has so far received investments worth $225 million (Dh825m) in education, Dajani said.

On the industrial front, Ras Al Khaimah wants to attract large manufacturing companies. At the end of last year, the RAK Free Zone had 1,900 firms registered to do business.

The challenge, said Dajani, is to attract more foreign direct investment (FDI) from Europe, the Americas and Eastern Asia.

"So far, most of the FDI has been Arab," he said.

RAK AirwaysRAK Airways to manage airport
The Ras Al Khaimah Government has handed over the management of its international airport to the newly formed RAK AirwaysRAK Airways. The emirate's Department of Civil Aviation has been handling RAK International Airport, which witnessed 150,000 arrivals in 2006. Dajani says the emirate is not using its airport to its full capacity. "We have done a little restructuring and this will improve things," he said.

Focus on people
People are the key to sustained excellence in a nation's development, and will continue to be a primary priority for Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, told a business conference.

"It is not the buildings or the roads or the mountains or the beaches that make a country or a city great, rather it is the people," Sheikh Saud said in the keynote address of the Ras Al Khaimah 2007 conference, organised by Meed.

"For without people of knowledge and skills, everything else will sooner or later amount to very little."

By Swarup Deol

© Emirates Today 2007

 

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