Economists and development planners have expressed wonder at the emirate's pace of growth. Here’s a quick snapshot of RAK’s astounding economic growth achieved.
GDP Grew by Over 50 percent in 6 years:
Under Sheikh Saud’s reign, RAK GDP has grown by over 50% from AED 6.6 billion in 2002 to AED 13.6 billion in 2008.
RAK had the third-highest level of project investment relative to GDP in the UAE (USD 25.9 billion) in 2007, accounting for a full five per cent of total GCC project investment
Fivefold Growth in Exports:
Exports from RAK has registered a fivefold growth from a mere AED 1.8 billion in 2002 to AED 9.7 billion in 2008
Import Surge by almost Double:
Imports to Ras Al Khaimah has grow from AED 1.2 billion in 2002 to AED 4.2 billion in 2008
Significant Spike in New Licenses:
The number of licenses issued by the Economic Development Department has increased from 13086 in 2002 to 21450 in 2008
Rating:
Standard and Poor's Ratings Services has affirmed its `A' long term and
`A-1’ short term sovereign credit ratings on RAK, reflective of the emirate’s strong economic fundamentals.
short term sovereign credit ratings on RAK, reflective of the emirate’s strong economic fundamentals.
