UAE. The wealth of infrastructure projects which Ras Al-Khaimah needs to set in motion will provide great investment opportunities for the global business community, according to Sheikh Omar Bin Saqr Al Qasimi, Chairman of RAK Bank and Gulf Cement Company.

In an exclusive interview with Oxford Business Group (OBG), the highly acclaimed global publishing, research and consultancy firm, Sheikh Omar highlighted a number of areas which he said offered huge potential for investors.

Sheikh Omar, who is also the Chief of Private Affairs for Sheikh Saqr bin Mohammad al-Qassimi, Ruler of RAK, said: “We still need to develop more roads, sewage, water and power generation.”

He also stressed that RAK was keen to tackle the challenge it faced of generating power by adopting a combination of energy sources, such as heavy fuels, coal and gas, rather than focusing on any single source of energy.

The interview with Sheikh Omar forms part of the research currently underway for The Report: RAK 2010, OBG’s forthcoming report on the Emirate’s business activity.

The highly-anticipated report will serve to reinforce OBG’s place as the world market leader in providing accurate, insightful economic information on developing and emerging economies across the continents.

Rated as the premier source of information for foreign direct investment into RAK’s economy, it will be a vital guide to the many facets of the Emirate, including its macroeconomics, infrastructure, political landscape, banking and sectoral developments.

Sheikh Omar acknowledged that the financial crisis had taken its toll on RAK’s economy, which has enjoyed double-digit growth in recent years. “The entire world has been going through a financial crisis and the United Arab Emirates and RAK are part of the global economy,” he said.

But he remained bullish on what 2010 holds for the region, voicing his confidence that RAK, and the UAE as a whole, had the potential to sustain growth at a reasonable rate in the coming year.

 “We might have had a slowdown, but we do not have a crisis like other markets around the world,” he said. “We expect business to improve in 2009 and to achieve growth in 2010.”

Tourism and industry are two key sectors which Sheikh Omar believes will bolster the RAK economy in 2010. The Emirate’s strategy of developing business-friendly policies and comprehensive trade zones has also been met with a positive reception globally.

Sheikh Omar believes that the current financial climate will provide the opportunity for the region’s economy to right itself following a period during which abnormal growth rates became the norm.

“The UAE economy was overheated in the past,” he said. “The year 2009 has been a correction year, which brought the economy to an acceptable level. Now there is much potential for serious investors to look again and invest in the emirates.”

The Report: RAK 2010, which OBG analysts will be preparing over the coming six months, is set to be the premier guide for foreign direct investment into the Emirate’s economy.

It will offer unrivalled, up-to-date analysis of political, macroeconomic and sectoral developments in RAK, including banking, capital markets, energy, infrastructure, industry and insurance.

Available in print form and online, The Report: RAK 2010 will also include interviews with leading political, economic and business figures from both the local scene and international community.

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