The first global investors’ conference presented by the Ras Al Khaimah Government and The World Bank opens in the emirate on May 28, 2005. Titled ‘Invest and Live in Ras Al Khaimah’, the two-day event is being held under the patronage of Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.
The conference, which will be inaugurated by Sheikh Saud at the Ras Al Khaimah Cultural Centre at 11am, comes at the conclusion of a comprehensive study undertaken by The World Bank to identify key areas for investment in the emirate as it takes on an active role in the development of the region. The thrust areas, which include manufacturing and services, tourism and lifestyle-targeted property development, will be taken up for discussion in dedicated sessions during the conference.
Strategically located in the Arabian Gulf, Ras Al Khaimah has a varied terrain with a rich reserve of natural resources. The objective of the conference is to present before investors the vast potential that the emirate holds for investment. Opportunities will be discussed in the light of the Ras Al Khaimah Government’s liberal policies and will be backed by present-day success stories such as that of RAK Ceramics, which is set to become the world’s largest ceramics-product producer by this September.
Discussing the significance of the investors’ conference, the Ras Al Khaimah Crown Prince and Deputy Ruler emphasised the importance of domestic and foreign investment and the responsibility of the government in creating the right environment for investment. “Ras Al Khaimah is on the cusp of great positive change. The challenge of the leadership is to enable business and provide the infrastructure that supports growth in all areas,” he said, adding that the Ras Al Khaimah government is firmly committed to supporting investment and to building a diverse economy that enjoys strong, sustainable growth.
As the conference will elaborate, Ras Al Khaimah’s economy is robust with its GDP growing at the rate of 4.4 per cent. In terms of infrastructural support, the emirate has fully developed systems at its international airport, its ports and in other areas like power, telecommunications, healthcare and education. Ambitious expansion plans in these fields also spell opportunities for investors.
The Ras Al Khaimah Government has taken many steps to create a conducive environment for investment. Among other things, it has introduced e-governance, set up a free trade zone and simplified legal and regulatory frameworks to make them more objective and transparent. The Government has also established the Ras Al Khaimah Investment and Development Office to cater to investors’ requirements at every level.
The emirate’s determination to foster a pro-business environment was highlighted with the recent establishment of the Ras Al Khaimah Investment Authority, headed by Dr Khater Massaad, who is also Economic Advisor to the Crown Prince of Ras Al Khaimah and CEO, RAK Ceramics. This closely followed another major initiative: the setting up of Ras Al Khaimah Properties, a free-hold property development company that collected AED 50 billion for its AED1.1 billion IPO.
Detailing these and other issues at the conference is a high-profile panel of speakers. The opening session will be addressed by Sheikha Lubna Al Qasimi, UAE Minister of Economy and Planning, and Dr. Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance. Christiaan J. Poortman, Vice-President, World Bank (MENA), will discuss the vital role of the bank in enabling growth in Ras Al Khaimah.
Other distinguished speakers in the panel include Dr. Peter Watson, former chairman and CEO of the US Overseas Private Investment Corporation, Matt McNulty, former director of the Irish Tourism Board and the person largely credited with the dramatic emergence of Ireland as a tourist destination, Jean Jacques-Gauer, chairman, Leading Hotels of the World and Philip Durrand, Chairman, ARC Glassware, which has a successful manufacturing base in the emirate.
