Gross domestic product (GDP) in Ras al-Khaimah grew by 11 per cent in 2010, according to the emirate’s ruler Sheikh Saud bin Saqr al-Qassimi.
Ras al-Khaimah is looking to grow at a similar pace this year by encouraging companies to set up production facilities in the emirate and encouraging tourism, says Sheikh Saud.
“We are attracting investors and promoting industry. Industry is real economy. This is one train of our strategy, the other is tourism,” he says.
Economic growth will be fostered by the creation of industrial parks, cutting bureaucratic red tape and improving infrastructure, alongside a zero income tax policy.
The industrial parks will be dedicated to certain industries. “We are looking for good quality industry, that adds value, that is technology orientated,” says Sheikh Saud.
The government has also recently set up an authority to promote tourism and investment into the sector. “We are going to capture the fundamentals of Ras al-Khaimah, I would call them the four pillars: sea, sand dunes, mountains and history,” says Sheikh Saud.