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23 February 2024

RAK economy exceeds projections

By Eman Al Baik



The economy of Ras Al Khaimah grew by 20 per cent last year – six per cent ahead of projections – as the emirate continues to attract inward investment.


Earlier this year, Ras Al Khaimah set plan for the next five years with the aim of having a GDP of $5 billion (Dh18.35bn) by 2011.


“As figures indicate, we will be able to achieve the set target in just three and a half years from now or we will have tripled the target in the next five years,” said Raman Lyer, general manager and technological director, Ras Al Khaimah Investment Authority (Rakia).


In a meeting held in co-ordination with Indian Business and Professional Council at the Radisson SAS in Sharjah on Saturday, Lyer said the total value of the goods produced and services provided in the emirate reached $2.25bn (Dh8.2bn) this year, representing a doubling of the value of GDP in four years.


Rakia, he added, has attracted investments worth over $2bn (Dh7.34bn) through 1,000 firms since its inception in 2005. More than half of those companies come from the Middle East and almost a quarter from the Subcontinent.


“The increasing number of companies being set up in RAK reveals the growing reputation of the emirate as a business hotspot. Investments have come from different sectors, which also shows our flexibility to accommodate various sectors and provide suitable infrastructure,” said Lyer.


Funds flow

Ras Al Khaimah Investment Authority attracted $2bn in investment since 2005. About 1,000 firms put their money in the emirate – half of them from the region.