The establishment of free zones – dedicated areas where businesses are exempted from various laws and regulations – has been used in many countries to attract foreign investment, notably in the UAE. The federal system, with its largely decentralised economic decision-making, means that almost all emirates have set up free zones. Ras Al Khaimah is no...
In the Gulf, diversification is the name of the game. Directly or indirectly, the region derives most of its income from hydrocarbons. Given that these resources are finite, governments have long sought to reduce this dependency by promoting growth in non-oil sectors, such as manufacturing, tourism and banking, with varying degrees of success....
Although Ras Al Khaimah’s construction sector has not yet returned to pre-economic downturn levels of growth, local materials firms are mitigating the effects of the altered market using a variety of strategies. Concentrating on core business strengths, entering new markets and working on supplying key projects abroad are some of the methods...
Over the past decade the emirate of Ras Al Khaimah has developed a reputation as an up-and-coming player in the Middle East and further afield. In 2011 RAK’s status continued to grow, despite political volatility elsewhere in the region and ongoing concerns about international financial stability. This is largely the result of a series of...
Underpinned by strong economic and demographic fundamentals, retail in Ras Al Khaimah has continued to expand. The emirate’s population grew by an estimated 4.5% in 2010 to reach around 279,000 people, according to the RAK Department of Economic Development (RAK DED), with the government estimating 300,000 ahead of a 2012 census. Of those, 49.4%...
Despite the lingering effects of the 2008-09 international economic downturn and the more recent political unrest in the region, Ras Al Khaimah’s financial services sector is expected to grow substantially, fuelled by steady expansion in retail banking, Islamic financial services (IFS) and the insurance segment, among other areas. Local banks and...
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