UAE: Ras Al Khaimah

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.

As part of a long-term strategy to diversify the economy by capitalising on the emirate’s natural beauty, Ras Al Khaimah (RAK) is moving forward with ambitious plans to rebrand itself as a tourism destination. By 2021, RAK expects around 20% of its GDP will be generated by tourism-related activities.

The public and private sectors of Ras Al Khaimah (RAK) are combining to combat one of the greatest health problems facing the emirate – diabetes – with both the cause and the effects of the illness being targeted. According to data from the International Diabetes Federation (IDF), more than 32.5m people in the Middle East have developed diabetes, a figure the organisation says will jump by 80% by 2030.

With the emirate’s fiscal house in order, Ras Al Khaimah’s (RAK’s) government and the banking sector have provided a solid bedrock for recent expansion in the industrial and tourism sectors, two of the economic segments that saw growth in 2011.