Comprehensive coverage of Saud Bin Saqr Al Qasimi Net Worth 2024, Age, Height, Bio, Birthday, Wiki, offering readers expert commentary.
Saud bin Saqr Al Qasimi is one of the richest Military Personnel from United Arab Emirates. According to our analysis, Wikipedia, Forbes & Business Insider, Saud bin Saqr Al Qasimi's net worth $5 Million. (Last Update: December 11, 2023)
The reforms of Sheikh Saud have improved the GDP per capita of the emirate of AED 35,000 back in 2001, to AED 104,680 by the end of 2018.
When Sheikh Saqr succeeded Sheikh Khalid as the crown prince sheikh Saud at the end of June, 2003 after being exiled Sheikh Khalid initiated an unsubstantiated smear campaign on his younger half-brother, involving the payment of millions dollars US lobbyists as well as the hiring of an English solicitor in order to “undermine the current regime’s standing” in order for Sheikh Khalid to take back the power of Ras Al Khaimah. It culminated the month of October 2010, following the death of Sheik Saqr. Sheikh Khalid returned from exile in London and attempted to launch an unbloody coup, however the UAE government backed Sheikh Saud’s rights to rule the emirate , and Sheikh Saud prevailed.
Sheikh Saud has also sponsored the building of Ras Al Khaimah Medical and Health Sciences University (RAKMHSU) to train future generations of doctors, nurses and pharmacists for the UAE as a whole, helping to address the chronic shortage of nurses in the UAE. The university opened in 2006 with just 22 students but by 2018, it had more than 1,300 students from almost 50 countries.
In the years up to 2010, Ras Al Khaimah’s economic policy was marked by expansion, notably in industry through companies such as RAK Ceramics, RAK Ports and RAK Rock, real estate through Al Hamra Group, and business services through Ras Al Khaimah Free Trade Zone. The global financial crisis belatedly reached the UAE. Following Dubai’s de facto default in November 2009, Ras Al Khaimah was heavily hit. In 2010, Sheikh Saud’s new economic adviser Jim Stewart, the CEO of RAK Investment and Development Office, altered Ras Al Khaimah’s economic strategy from debt-fueled growth to austerity. The aim was to bring the 5 billion AED (or 1.37 billion USD) debts of Ras Al Khaimah under control. Sheikh Saud instructed the CEO of RAKIA and RAK Ceramics, Khater Massaad, to sell all global assets, notably in Georgia, where the emirate held shares in three main companies – RAKIA Georgia LLC, Rakeen Development LLC, and RAKIA Georgia Free Industrial Zone. Real estate there and in particular the Port of Poti were labeled “not a strategic asset” in the October 2010 cover story about Khater Massaad, “The Man Who Sold The World”. Similar debt reduction policies started to be applied to other enterprises in which Sheikh Saud personally or Ras Al Khaimah had shares in, the most important being RAK Ceramics. In February 2018, RAK Ceramics recorded profits of 315.5 million AED and debts had reduced from 1.574 billion AED in October 2012 to 1.4 billion AED in 2018. Overall in Ras Al Khaimah since the global financial crisis, debt has been reducing and sustained growth has been witnessed. In 2018, government debt (including that of state-owned enterprises) is expected to fall to a low 20 per cent of GDP, from 33 per cent in 2015. The emirate has also maintained its A/A-1 rating with a stable outlook by both Fitch and S&P for several years.
In recognition of his successes, Sheikh Saud has received several awards, including an Honorary Doctorate from the University of Bolton, UK, in 2010; an Honorary Fellowship of the Jawaharlal Nehru Centre for Advanced Scientific Research in India, in 2013; and an Honorary Doctorate Degree in Economics from Incheon National University, South Korea, in 2018. The award from the University of Bolton was given in recognition of his role in supporting education in the emirate and for attracting leading academic institutions from around the world to Ras Al Khaimah. In November 2018, he was named Visionary Leader of the Year at the Arabian Business Awards in Dubai.
