Saturday, 15 December 2007

RAKIA eyes US$15 billion investments

Ras Al Khaimah Investment Authority (RAKIA) is expecting to channelize inward investments worth US$15 billion across various sectors in the next five years. This was announced at an investment conference organised by RAKIA for a Belgian business delegation headed by former prime minister Jean-Luc Dehaene at Hotel Al Hamra Fort yesterday.
Reflecting the fast- paced economic transformation of the emirate, RAKIA has already attracted over 800 companies, including a host of Fortune 500 companies, entailing an investment of US$2 billion within a short span of 24 months.
Outlining his vision for the development of the emirate, Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, said that the multi- pronged development strategy under implementation in RAK would take care of the development of all sectors of its economy and would make it a preferred investment destination in the region.
Jean-Luc Dehaene said that there would be real progress and consolidation of business ties between Belgium and Ras Al Khaimah as a result of the conference.
Dr Khater Massaad, Adviser to RAK Crown Prince and CEO of RAKIA, gave an overview of the host of investment opportunities available in the emirate.
"Ras Al Khaimah-based RAK Ceramics has achieved a return on investment of around 230 times during the last 12 years and is now the largest ceramic manufacturer in the world, which is ample testimony to the immense potential offered by the emirate," he said. On the tourism front, Dr Massaad said that the emirate has experienced a 40 per cent growth in the number of tourist arrivals in the past few years and is currently setting up around 25 new hotels which would add 12,000 rooms within the next five years. (Khaleej Times)