UAE: Ras Al Khaimah

The industrial sector in Ras Al Khaimah (RAK) has continued post significant growth in recent years, thanks to a favourable business environment and prudent regulation.

A major free trade zone (FTZ) in Ras Al Khaimah (RAK) is looking to build on recent growth and expand its base to include new areas of business from an increasingly broad range of countries.

RAK has seen a number of important developments in its education sector in recent years as the emirate continues its drive to become a knowledge-based economy. Most significant among these has been the decision to create a council to oversee and regulate the emirate’s growing number of colleges and universities.

With the new year underway, things are already looking up for Ras Al Khaimah’s (RAK) construction sector. Although financial results from contractors and materials suppliers reflect the economic impact of instability in key markets during 2011, progress on recent projects, announcements of new infrastructure developments and trickle-down effects of a rising tourism industry all pointing toward expansion for the sector.

Local energy firm RAK Petroleum Public Company has put the final touches to a merger deal that gives its shareholders a stake in lucrative operations across the Gulf region and beyond. Last month, RAK Petroleum announced that it had finalised the merger of its Middle East and North Africa (MENA) operating subsidiaries with Norwegian firm DNO International.

The financial sector in Ras Al Khaimah (RAK) performed well in 2011, with banking institutions weathering uncertain global economic conditions. Expected investments from the government and private sector, meanwhile, are set to keep capital flowing in and offer opportunities for further growth.