UAE: Ras Al Khaimah

As part of its “20-20” strategy, under which no single sector should account for more than 20% of GDP or 20% of the fiscal surplus, the government is working to diversify the local economy. Growth is expected in the industrial sector in line with efforts to expand downstream capacity, extending production across the supply chain. Improvements to electricity capacity are planned as well, which...

Ras Al Khaimah was relatively unaffected by the global financial crisis and is well positioned to benefit from growth in neighbouring emirates and the wider region. Financial services in RAK are dominated by the retail banking segment, but the sector as a whole is likely to benefit from the regional construction projects and infrastructure works designed to keep pace with growing populations and...

Ras Al Khaimah’s economy is well diversified, with five sectors accounting for more than 8% of GDP each: resource extraction and related services; trade; financial services; government services; and construction. Manufacturing is the mainstay of the economy, comprising 26% of GDP. Free zones have been crucial to the emirate’s economic growth, with the government offering investors a range of...

The fourth-largest emirate of the UAE, Ras Al Khaimah may be small, but its geography is varied and it boasts significant resources that have enabled it to complement the hydrocarbons wealth of its neighbours. Home to the largest rock quarry in the Gulf, RAK has built strong cement and ceramics industries, while its 64 km of coastline holds potential for tourism, a sector that the government is...