Massive infrastructure plans across all sectors are in the pipeline in Ras Al Khaimah, it has been announced by the Chairman of the RAK Finance Department.
According to Sheikh Faisal bin Saqr Al Qasimi the new infrastructure would mean improvements for all areas, from industry to tourism and leisure.
“Funds are to be spent in the development of our ports system, sewage plants, industrial parks, natural parks, and educational facilities,” he revealed in an interview with Oxford Business Group.
According to Oxford Business Group, the extensive infrastructure plans reflect the RAK governments long term vision to increase industry and tourism in the emirate and, furthermore, are testament to the strength of RAK’s construction industry; the key driver in the growth of RAK’s economy.
Sheikh Faisal expressed confidence that the new projects planned in RAK would attract interest from investors, stating: “People with high liquidity are waiting for the right opportunity to invest, and 2010 will be the year to do so.”
He also added that banks and the availability of finance would be pivotal in providing renewed confidence in the UAE property market:
“Banks for the entire UAE will need to increase their lending capacity,” he said. “If this happens, it will be a real signal that real estate sector is improving and investment opportunities will emerge accordingly.”
Source: Eye of Dubai