With more limited hydrocarbons reserves compared to its UAE neighbours to the south, RAK has developed into an industrial hub thanks to its dynamic network of industrial free trade zones. Considerable natural resources feed the country’s thriving cement and ceramics industries while elsewhere the emirate is looking to leverage its varied landscapes in a bid to boost tourism revenues in line with general economic diversification targets.
As part of plans to expand and diversify its global trade partners, the GCC has launched negotiations with the UK on a free trade agreement that is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses.
More female employees are joining workplaces and boardrooms in the UAE and Saudi Arabia, with gender equality a key target of a regional drive to improve environmental, social and governance (ESG) standards.
The UAE’s robust current account balance cushioned the economy against the twin global challenges of Covid-19 and the oil price drop in 2020. Lockdowns were implemented to protect public health, and Emiratis migrated online.
With Saudi Arabia's flagship Red Sea tourism project securing $3.8bn in green financing, various governments in the Gulf region are looking to new, alternative tourism models to drive their pandemic recoveries, with an emphasis on ecological options and "staycations".
In recent years, the tourism sector in Ras Al Khaimah has been enjoying a period of growth and profitability. In March 2015, a year after three new hotels opened, adding more than 1450 keys to the emirate’s hospitality sector, RAK’s Tourism Development Authority (RAK TDA) was able to report average occupancy levels of 70.31%, above the...
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