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U.A.E.’s Ras al Khaimah Seeks Foreign Investors to Boost Growth

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July 21 (Bloomberg) -- Ras al Khaimah, the United Arab Emirates sheikhdom, is seeking foreign investors to finance businesses, property and tourism ventures to spur economic growth.

The Ras al Khaimah Investment Authority is in talks with companies from the U.S., Germany, France, Italy, India and Pakistan to bring new ventures to the emirate, Khater Massaad, chief executive of the state-run fund, said in an e-mailed statement yesterday.

The fund attracted $3 billion in foreign investment since its establishment five years ago, according to the statement. The economy of the emirate, one of seven making up the U.A.E., expanded 9 percent last year, reaching $4.3 billion, the authority said.

The fund aims to turn its focus on domestic projects rather than foreign ventures, The National reported, citing comments Massaad made at a press conference yesterday. Ras al Khaimah’s economy will grow 12 percent this year, he was cited as saying by the Abu Dhabi-based newspaper. Economic growth in the sheikhdom averaged 14 percent annually from 2004 through 2008.

To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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