Tue 04-04-2017 12:40 PM

RAK's real estate sector grows 45% over five year period

RAS AL-KHAIMAH, 4th April, 2017 (WAM) -- The real estate sector in Ras al-Khaimah has expanded considerably, increasing from AED3.401 billion in 2011 to AED4.947 billion in 2015, a total percentage of growth of 45 percent, according to a study by the RAK Chamber of Commerce.

The annual growth of the real estate sector amounted to 15 percent per annum over the stated period, and ranked 3rd after the industrial and tourism sectors, contributing 13.3 percent, or AED1.209 billion, of the emirate's total capital in 2015.

Rajaa Mohammed bin Juma Al Tunaiji, Head of the Economic Studies and Commercial Cooperation Department at RAK Chamber, said that the developments in Ras al-Khaimah’s economy over the last five years indicate the importance of the real estate sector and its overall contribution to the growth of the emirate’s economy.