RAK News

RAK awarded A Rating by Standard & Poor's

Standard & Poor's, the world's leading credit ratings service, has shown its faith in the stability of Ras Al Khaimah by awarding it an 'A' long-term and 'A-1' short-term foreign and local currency sovereign credit ratings.

The analysts behind the rating commented that their assessment was based on the UAE federal government's financial backing, the emirate's high GDP per capita of almost $16,000 and the overhaul of economic strategy since the appointment of Sheikh Saud bin Saqr al-Qasimi as Crown Prince in 2003 resulting in a substantial rise in investment and a diversification of the economic base.

The other factors earning Ras Al Khaimah this attractive rating for investors was its low level of debt (estimated at 16.5% of GDP at year-end 2007) and a general government net asset position estimated at around 25% of GDP.

RAK Conference 2008 showcases growth

The second annual Ras Al Khaimah Conference, bringing together government officials and business leaders, highlighted the rapid development of the emirate's investment opportunities.

The conference at Al Hamra Fort Hotel 27-28 January was organised by the Ras Al Khaimah Investment Authority (RAKIA) and the business intelligence firm Middle East Economic Digest (MEED) under the patronage of H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, who also delivered the keynote address and also hosted all the delegates at his Palace for an informal reception.

Khoie Properties were the key sponsors of the lunch gathering on day one, which also saw the discussion panel – “Why Ras Al Khaimah is the place to invest?” Of which the Chairman & CEO- Khoie Properties, Frank Khoie was a cruial part. Day two involved lot more presentations & discussions on hospitality, tourism and real estate. Chris Picken, VP Sales & Marketing delivered his presentation on “ Innovative Commercial real estate projects” alongside Dr. Imad Haffar, COO, RAKEEN.

RAKIA CEO Dr Khater Massaad said: "RAK Conference 2008 will further consolidate the emirate's economic strength by identifying new investment prospects and assisting business organisations in their expansion initiatives in the emirate."

$2.8bn hospitality hub to open in RAK

A $2.8bn joint venture between Ras Al Khaimah government and the US-based Argentum Development Company is setting up an educational site that will be offering hospitality courses within 18 months.

On completion, the International Hospitality Trade and Training Zone (Ihottz) will host 15,000 students at 16 educational institutions over a 90-acre Hospitality Training Campus located next to a 260-acre hospitality trade zone.

Bobby Batmanghelidg, President and CEO of Argentum Development Company, said: "We have teamed up with 16 different international centres of education focused on the hospitality sector to offer a comprehensive array of academic and training programmes to address the hospitality industry's human capital challenge."