Ras Al Khaimah (RAK) played a crucial role in the growth of the UAE industrial sector in the first quarter of 2016, RAK Media Office said Monday. While data showed that the emirate of Dubai accounted for about 50% of the number of new factories built in the country during the first quarter of 2016, Ras Al Khaimah ranked second with 30% of the total new industrial licenses. Industrial investments recorded within UAE had a total value estimated at nearly $40 million (AED139.8 million) in the first quarter of 2016, helping the Emirates to prosper and grow. Foreign investment has doubled in the industrial sector in UAE during the past eight years assisting in this growth. Ras Al Khaimah, which means 'head of the tent' in Arabic, is the northernmost of the seven emirates that constitute the United Arab Emirates. Covering 1,684 km2, it has a population of 345,000 (2015) with tourism and industry forming the foundations of the economy. It has one of the fastest growing economies in MENA, with a yearly growth rate average of 8.8%. — SG
