SHARJAH, 30 May 2005 — The government of the emirate of Ras Al-Khaimah (RAK) is creating a one-billion dirham technology and industrial fund dedicated to promoting industry and technology in the emirate. The promotion will come through joint ventures between businesses in RAK and outside specialist organizations.
This was announced at a global investors’ conference hosted jointly by the Ras Al-Khaimah government and The World Bank under the title “Invest and Live in Ras Al-Khaimah.” The emirate has taken major strides toward development through trade and tourism under Crown Prince and Deputy Ruler of Ras Al-Khaimah Saud ibn Saqr Al-Qasimi.
Qasimi told the conference that the proposed fund will provide targeted funding commitments to viable projects to set up high value-added technology and manufacturing units. “My dream is to see RAK firmly established as a regional center for research and development in a wide array of disciplines in order to encourage learning and innovation in our own community, the UAE and the world at large,” he said.
“It is with the help of the World Bank that we were able to arrive at a plan for growth through investments. This conference is only one of many initiatives to come out of a detailed study conducted under the World Bank’s Technical Cooperation Program in 2004. It combines the vast experience of the bank as well as our experience here in Ras Al-Khaimah,” added Qasimi.
Paying rich tribute to the late President Sheikh Zayed Al-Nahyan, Qasimi said: “Without the foresight and courage of one man, Sheikh Zayed, we would not be standing here today. We have increased GDP from AED6.5 billion in 1972 to over AED290 billion today, only 30 percent coming directly from oil revenues.” He said he was also strengthening the infrastructure in Ras Al-Khaimah. Work on the key Emirates Road project will be completed soon and this will significantly cut travel time to the other emirates.
On behalf of the government of Ras Al-Khaimah, The World Bank’s Technical Cooperation Program has conducted an exhaustive study on the investment environment in the emirate.
A key recommendation of the investment mobilization strategy was to present the summary of the document to the global investment community. In presenting the possibilities within, this investors’ conference is the first of many initiatives that the government of Ras Al-Khaimah will implement in its march toward economic progress.
“The sectors presented in the conference — infrastructure, manufacturing, tourism and lifestyle property development — represent the immediate thrust of the Emirate’s private investment strategy. But there are good opportunities for growth in other areas as well — from pharmaceuticals to agribusiness and finance,” said World Bank’s Program Manager, Technical Cooperation Program, Marcos G. Ghattas.
“What is being presented is a win-win strategy, for the government and its private sector partners, to maximize current potential and share together in the bright future of Ras Al-Khaimah,” he said.
World Bank Vice President for MENA Christiaan Poortman said: “The sectors focused on in the agenda today are areas that we have identified as offering the most immediate opportunities for the private sector.”
