RAS AL KHAIMAH, UAE, July 10, 2016 /PRNewswire/ --
Ras Al Khaimah played a crucial role in the growth of the UAE industrial sector in the first quarter of 2016. Whilst data showed that the emirate of Dubai accounted for about 50% of the number of new factories built in the country during the first quarter of 2016, Ras Al Khaimah ranked second with 30% of the total new industrial licenses.
Industrial investments recorded within UAE had a total value estimated at nearly USD 40 million (AED 139.8 million) in the first quarter of 2016, helping the Emirates to prosper and grow. Foreign investment has doubled in the industrial sector in UAE during the past eight years assisting in this growth.
Ras Al Khaimah, which means 'head of the tent' in Arabic, is the northernmost of the seven emirates that constitute the United Arab Emirates. Covering 1,684 km², it has a population of 345,000 (2015) with tourism and industry forming the foundations of the economy. It has one of the fastest growing economies in the MENA region, with a yearly growth rate average of 8.8%.
The Ruler of Ras Al Khaimah H.H. Sheikh Saud bin Saqr Al Qasimi, has overseen growth in the region since succeeding his father in 2010.
Ras Al Khaimah has some of the most successful free zone operations in the region and MENA's largest bulk handling port (Saqr Port), which serves the Emirate's quarrying industry that has provided the materials for much of the Gulf's construction boom over the past 50 years.
SOURCE RAK Media Office