United Arab Emirates - PM Communications

UAE 3rd NOVEMBER 2007 RAS AL-KHAIMAH / 9RAS AL-KHAIMAHTowering mountains provide an impressive setting for the emirate’s capitalEASY LIVINGAND VALUEFOR MONEYRas Al-Khaimah is reinventing itself as a primelocation for investment in business and tourismWith an attractive investment climatebacked by a proactive government thatfirmly encourages free enterprise, Ras Al-Khaimah is positioning itself as a top businessdestination, regardless of its lack of significantoil reserves.The emirate has attracted the thirdhighestlevel of project investment relative toGDP in the UAE – with a value of around £12.6billion – and accounts for a full five per cent oftotal GCC project investment.Spearheading efforts to expand the localeconomy is the Investment and DevelopmentOffice (IDO), which has laid the groundworkto attract a further £6.6 billion in inward investmentover the next few years. Ras Al-Khaimah certainly has plenty to offer investors,especially in terms of real estate, tourism andthe leisure industry.Nestling between the Al Hajjar Mountains tothe east and the Gulf to the west,the emirate’shighly varied landscape of valleys,peaks,desertsand unspoilt coastline contrasts sharply withmany other parts of the UAE.The city of Ras Al-Khaimah,the capital,is undergoingmultiple new construction projects.Key developments include RAK Financial City,which has been designed as a new hub for theoffshore financial operations of the regionalbusiness community. The almost 2,5 millionsquare feet project will include uniquely designedtowers, up to 65 storeys high, providing office,hotel and residential space.In terms of real estate, Ras Al-Khaimah ispromoting low-rise developments focused ona comfortable,beach lifestyle.The emirate offersgood value in terms of the cost of landand leasing,plus high quality living conditions.Its modest pricing in comparison to certainother parts of the UAE is a major selling point.This value for money, easy living appeal haswon over large numbers of weekenders comingfrom Dubai and elsewhere, as well as attractinglonger-term residents.Saqr Port is on the way to becoming one ofthe most modern ports in the region.Earlier thisyear a new container terminal opened with a capacityto handle 350,000 TEUs:the first phase ofa massive expansion. Phase two will see capacityenhanced to around 3 million TEUs over a periodof five years.In April,the IDO announced a new joint ventureproject with the US-based ArgentumDevelopment Company to build an InternationalHospitality Trade and Training Zone.A hub forthe global hospitality industry,it will include a freetrade zone area and a training and educationalcampus, which will position Ras Al-Khaimah asa centre of excellence in the leisure industry.The capital is not the only development hub.The huge resort of Al Hamra Village comprisesvarious sized villas and apartments offering luxuryaccommodation for both residents and weekenders.Facing out to the Gulf, it has a marinawith 200 yachting berths allowing boat ownersquick and easy access to the sailing and fishingopportunities along the coast.In fact, a variety of tourism and leisure projectsare taking shape.Some 17 miles south-westof Ras Al-Khaimah city centre,Al Marjan Islandwill be the emirate’s first man-made island venture,reflecting the Dubai influence.This almost£1 billion cluster of coral shaped islands is duefor completion in 2009.A more unusual development will be the JebelJais Mountain Resort,which will be built on oneof the highest points in the Al Hajjar Mountainrange, and will offer visitors five-star hotel andconference facilities, and even a cable car leadingto an outdoor winter snow skiing slope.To cater for increased numbers of visitors,theinternational airport is being upgraded and theemirate has launched the UAE’s fourth nationalairline, Rak Airways. What’s more, plans haveeven been announced to develop a US$265 millioncommercial spaceport for the operation ofsub-orbital flights. ●