UAE: Ras Al Khaimah

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.

During the first three quarters of 2011, the Ras Al Khaimah (RAK) construction industry has pressed on with scheduled mixed-use development projects.

The RAK Investment Authority (RAKIA) licenced 800 new companies in the first eight months of 2011, a 31% increase from the same period last year, according to Alex Thomas, RAKIA’s general manager of marketing. Most of the new licences were for manufacturing firms, and the number of trading and transport licenses was also up, Thomas said.

Small and medium-sized enterprises (SMEs) play a growing role in RAK’s economy, enjoying government support and benefitting from continued upgrades to the local infrastructure.