GDP forecast to break through the 30 billion dirham barrier

Wednesday 03 August 2016

Ras Al Khaimah - MENA Herald: The Ras Al Khaimah Department of Economic Development (DED), in cooperation with the Federal Competitiveness and Statistics Authority, has completed its annual economic survey and quarterly survey (first quarter 2016), which ran from 10th April through 16th June. The surveys involved 1200 companies across a variety of sectors throughout the emirate, including free zones, and targeted all licensed economic activities operating in Ras Al Khaimah, in line with the international system of industrial classification of economic activities (ISIC4). The survey included companies from various business sectors and industries such as tourism, wholesale, retail, banks, construction, as well as other services that play a primary role in the composition of GDP, investment, employment and national variable indicators that reflect the emirate’s output and investment levels.

Dr. Abdulrahman Mohammed Ali Al Shayeb Al Naqbi, RAK DED Director General, said: “The two surveys’ results increased the emirate’s GDP output, which is expected to break through the 30 billion dirham barrier in 2015, as they included the free zones, which contributed positively to the survey for the quarter. We are now preparing for the launch of the 2nd quarter 2016 survey, which is expected to start by the end of this week, in order to provide comprehensive information about the economy.”

Dr. Talib Hassan Hayali, Acting Director of Studies and Statistics Department, said: “It is so important that companies provide information during economic surveys, whether they are operating in the free zones or outside, and cooperate with researchers to provide credible and transparent information for them. We assure all companies that this information is confidential and is only used for the purpose of obtaining national GDP, investment, manpower and other numbers. They are used to calculate the GDP and the total numbers, with no individual company details being disclosed. The survey results are essential information for decision and policy makers as well as for the business sector itself. They play a key role in attracting investment to the emirate and to our economic progress, contributing to the development of the UAE economy and increasing its competitiveness at both regional and international levels.”

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