In case you did not know, Sheikh Saud Bin Saqr al Kasimi is the ruler of Ras Al Khaimah and a member of the Supreme Council. In a recent interview he had with United World, he did highlight the fact that the emirates are now focused on attracting foreign and domestic investment and on diversifying the entire economic base.
The United Arab Emirates is a brand new country but the rate at which the social and economic development happens is incredibly fast. A lot of investment already appeared and people from all around the world are interested now in travelling to see the numerous attractions that are available.
At the moment we see many different benefits that are offered for foreign investors that are interested in various opportunities that UAE has to offer. The economy is getting stronger and many of the sectors are now quite advanced. Citizens from the country are now sent to really strong universities from all around the world. In the health industry the infant mortality is quickly going down and the public hospitals are better than ever. Overall safety is much higher so travelers can end up faced with a really safe travel experience, which was not the case a few years ago.
Sheikh Saud Bin Saqr al Kasimi is a really large part of the evolution of the travel industry in Ras Al Khaimah. Everything is now based on getting a sustainable development while balance happens in the entire economy of the region. This is one emirate that tries to become really strong by having a diverse base. The existing industries are obviously the ones that count, with tourism being among the first things considered, together with pharmaceuticals, ceramics and cement.
The economic growth has to be balanced, according to the Sheik, and it was highlighted that everything is connected to the life quality offered for locals. Wealth does lead towards prosperity and this is what brings in the current investment growth, especially in areas like healthcare and education, bringing benefits for both locals and foreigners.
It should be added that there is a huge focus on preserving people’s traditions and the local heritage. Most of the tourists that do visit the country will be interested in culture. The attractions are only part of the big draw. The quite unique tradition and culture will bring in the main interest that can draw in the huge number of tourists that the country can use to grow even more.
Statistics highlight the fact that Ras Al Khaimah has an economic growth of 17% GDP per year. This is a lot higher than the UAE’s overall 3 to 4 percent. GDP managed to grow from 1.8 to 4.4 billion from 2002 to 2010, which helped in getting even more investments. The economy of the country did go through a complete transformation. The success and growth are both underpinned by transparency, fiscal prudence and governance philosophy. Both domestic and foreign investments are basically stimulated thanks to those 3 facts.