2009 a year of steady economic progress for Ras Al Khaimah

Ras Al Khaimah (RAK) experienced steady economic progress in 2009 despite the global downturn according to a recent article published by Global Arab Network.

The article outlines the contributing factors to RAK’s development and how these look set to ensure RAK rises from the shadows of its more famous neighbours Dubai and Abu Dhabi.

The region’s investment in industry is pinpointed by the article as one of the key drivers behind RAK’s success. Industry contributes more than 8% to RAK’s GDP as a result of government incentives and the establishment of dedicated industrial zones. RAK government’s pledge to increase energy supply over the coming years combined with the implementation of a $5bn improvement plan for the emirate’s transport network will enable this sector to continue to flourish.

The article draws upon the heavy investment in RAK’s education and healthcare systems, referring to the unveiling back in November of plans for a new $21m private hospital to be built in the emirate

The article also reports on RAK’s growing tourism sector with the emirate capitalising on its natural attractions to offer off-the-beaten track holidays with a more authentic flavour. Many of RAK’s hotels were overbooked in 2009 and so an extra 3,700 rooms are planned over the next few years.

Whilst RAK has undoubtedly felt the effects of the global crisis, the factors described in the article are all evidence of RAK’s strong foundations and suggest a prosperous future for the emirate with the nurturing of its own citizens as well as the attraction of new investment.

All strong grounds for the confidence mentioned in the article that remains in the RAK property market with value for money, relaxed atmosphere and close proximity to the other emirates all highlighted as reasons behind RAK’s increasing popularity amongst the canny investor.

Source: Global Arab Network