The Ras Al Khaimah (RAK) Government said that the emirate's GDP, which now stands at $4.30 billion, achieved a growth of nine per cent in 2009, with the average at 14 per cent per year from 2004 to 2008.

At a press conference held yesterday (July 20), the RAK Government said 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 natural and archaeological attractions.

One of the key initiatives undertaken by Sheikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of RAK, 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.

The move resulted in the establishment of manufacturing, tourism, real estate, construction and services as key growth sectors of the local economy, a statement said.

In the last two years, Ras Al Khaimah has also achieved “A” ratings from S&P and Fitch, it added.

"The goal of the emirate is to create an atmosphere that is conducive to work and to live,” said Sheikh Saud.

“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,” he added.

Dr Khater Massaad, CEO, Ras Al Khaimah Investment Authority (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.

"Rakia, RAK Ceramics and Al Hamra Village help perpetuate the success that Ras Al Khaimah has achieved over the years through the long-term social and economic benefits that these initiatives deliver,” said Dr Massaad.

“Ras Al Khaimah will build on these success stories to develop more innovative programs and development projects that are in line with our ultimate goal of achieving sustainable socioeconomic development for the emirate," he concluded. – TradeArabia News Service