RAK sets sights on tourism
ras al khaimah — Ras Al Khaimah has recorded a steadily growing economy of 5-7 per cent over the past 5 years, and the emirate’s tourism sector is set to play a bigger role in the coming years, experts say.
In an announcement at the 14th Arabian Hotel Investment Conference, His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, said that the emirate has set its sights on increasing tourism’s GDP contribution to 10 per cent by 2025.
“Already, the sector has been growing at a rate of about 19 per cent year-on-year,” he said. “Tourism is only a small part of our overall economy, at five of GDP. Our biggest sector is manufacturing, which accounts for about 30 per cent. However, the dynamics are changing fast. RAK will have one million visitors by the end of this year 2018 in Ras Al Khaimah and a target of 2.9 million per year by 2025. The obvious challenge we face, though, is to have enough hotel rooms to keep up with demand.”
At the moment RAK has have about 5,500 units but thousands more are needed, he said. “At Marjan Island, there are several hotels under development, but we still need to do more to keep up with demand.” That is why it is important that Ras Al Khaimah attracts more investors to our growing tourism sector, he underscored. “Let’s network, do business and look forward with confidence, safe in the knowledge that, this industry, in the Middle East, is only just getting started.” Ras Al Khaimah is very much part of what will be a booming future for the UAE, he pointed out. “We are home to some of the world’s most successful companies, including RAK Ceramics, Julphar Pharmaceuticals, RAK Rock and Stevin Rock, leave alone our forward-thinking judicial system. We have taken every measure to attract more investment and business; no ifs, no buts.”
Any of the 13,000 multinational companies from over 100 countries that have set up here will confirm the same, he added. “The volume of foreign investment in Ras Al Khaimah since 2000 has exceeded Dh15 billion, and there are more than 150 large industrial companies operating here.”
That involves not only developing the education system, but also Ras Al Khaimah, the UAE and the region as a whole, he noted. “When the UAE, Saudi, Kuwait, and the rest of the GCC and beyond prosper, we all prosper. I see the growth of others a chance to learn and make progress.”
— business@khaleejtimes.com