RAK economy to grow in 2010 says bank chief

The Ras Al Khaimah economy will grow next year, according to the chairman of RAK Bank.

In an interview with Oxford Business Group, Sheikh Omar Bin Saqr Al Qasimi, acknowledeged the impact of the glob financial crisis but expressed his confidence that RAK, along with the rest of the UAE would see growth in 2010:

“We might have had a slowdown, but we do not have a crisis like other markets around the world… we expect business to improve in 2009 and to achieve growth in 2010.”

Sheikh Omar proceeded to highlight RAK tourism and industry as the main factors in the expected boost to the emirate’s economy and suggested that the financial downturn of recent months had stabilized the market representing the region as an attractive investment proposition:

“The year 2009 has been a correction year, which brought the economy to an acceptable level. Now there is much potential for serious investors to look again and invest in the emirates.”

Source: Arabian Business