Although the UAE is an oil-rich country – the eighth-largest producer of oil in the world, with output of 2.8m barrels per day (bpd) in 2010, according to the US Energy Information Administration, and the fourth-biggest exporter – the emirate of Ras Al Khaimah has relatively limited resources when it comes to hydrocarbons. Oil and gas accounted for...
What are RAK’s most significant competitive advantages? Why do you feel investors should choose RAK over other destinations?
Over the past decade, Ras Al Khaimah has positioned itself as a manufacturing centre in the UAE, with industry making a significant contribution to the emirate’s GDP at over 30%. A number of factors – including its convenient location with good infrastructure connections and non-application of income, sales and corporation tax – have attracted...
Relatively unaffected by the global slowdown, Ras Al Khaimah has witnessed extremely rapid growth in the past decade. The emirate’s GDP grew by approximately 8% in 2011, according to RAK’s Department for Economic Development. Industry was the main driver of this growth, accounting for around 30% of GDP in the same year. The rise in GDP served to...
Despite difficult economic conditions throughout much of the world, the property market in Ras Al Khaimah has remained relatively strong. Real estate prices peaked in 2008 and have since receded, with the low point coming in 2009 and 2010. However, the sector is now recording modest gains, and industry leaders expect demand to remain fairly constant...
To what extent is RAK’s economic success contingent upon the health of neighbouring emirates?
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