List the factors that help in achieving the height developing rates in Ras al-Khaimah in recent years.
Answers
Ras Al Khaimah: Following the accession of His Highness Shaikh Saud Bin Saqr Al Qasimi as Member of the Supreme Council and Ruler of Ras Al Khaimah in 2010, the emirate has embarked on rapid expansion and development, building its status as the UAE's third business hub.
Over the last eight years, Shaikh Saud has played a big part in establishing entities such as the Ras Al Khaimah Investment Authority (Rakia), introducing government and legal reforms to attract business to its free zones and investing in its tourist and commerce infrastructure.
"I want to build a diverse economy that enjoys strong, sustainable growth through attracting investments to create wealth and raise the standards of living for all the people of Ras Al Khaimah," said Shaikh Saud.
Comprising only 1.5 per cent of the UAE's economy, the emirate's compact size in proportion to its econ-omically robust neighbours meant it wasn't as badly hit by the recent downturn.
From this stable base, RAK has consistently achieved "A" ratings from Standard and Poor's and is set to continue on its steady growth path.
According to a recent report by the Oxford Business Group, the population of Ras Al Khaimah which is estimated at 241,000, is forecast to grow to 750,000 by 2020 with the development of its industry, trade, tourism and real estate sectors.
Shaikh Saud said in a recent interview with Gulf News that he expects the economy to grow 8 to 10 per cent in the next year.
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