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Wed 16 Jul 2008 07:09 AM

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Ras Al Khaimah economy 'to grow by 15-18%'

Crown Prince of emirate reveals plans, includes transit system linked to national rail network.

Grand plans are in the pipeline for Ras Al Khaimah with predictions that its economy will grow at a rate between 15 to 18 per cent this year.

The government is commissioning an urban development masterplan that will include a rapid transit system that will eventually be linked to the national rail system, a top official told UAE daily Gulf News on Wednesday.

"Ras Al Khaimah is undergoing a major development and we expect the economy to grow at between 15 to 18 per cent this year," Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, said.

"We have grand plans for the emirate's future and we are currently working on an urban development masterplan that will help reshape the emirate's economy."

The Ras Al Khaimah Government is currently in the process of developing a master plan for the emirate that will bring all the lands under a landscaped urban development scheme.

"In five years' time, Ras Al Khaimah will become a major metropolis retaining its own identity and culture as a modern and vibrant Arab society where people from other countries will work and live," he added.

Since becoming the Crown Prince and Deputy Ruler of Ras Al Khaimah in June 2003, Shaikh Saud has spearheaded a massive economic development programme that is bearing fruits now.

The emirate has attracted Dh9.1 billion investment in industries, while more than Dh35 billion are being pumped into its real estate sector.

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