UAE: Ras Al Khaimah

Ras Al Khaimah’s lack of oil and gas resources – relative to other emirates – has encouraged growth in non-hydrocarbons sectors. The most significant of these is industry, which now accounts for around 30% of GDP. However, this high rate of industrial development means that demand for electricity has soared in recent years, becoming the single biggest constraint on expansion in RAK. The...

In recent years an expanding population, a growing industrial base and the increasing number of tourists visiting the emirate have driven RAK’s transport infrastructure growth. Taken together with storage and communications, the transport sector contributed an estimated 6.55%, or about $313.6m, to the economy in 2010. To cater for the 40% increase in the number of registered motor vehicles over...

Ras Al Khaimah’s construction sector remains a key component of the emirate’s growing economy. Following the 2008-09 economic downturn, the emirate’s construction industry seems in good shape, with a number of notable projects already under way. In particular, the government is expecting to welcome 1.2m visitors in 2012, which is spurring sizeable expansion in the hotel segment. The construction...

Industry accounted for more than 30% of RAK’s GDP in 2010, reflecting the emirate’s positioning as a leading manufacturing centre within the UAE and broader region. Although the global credit crunch of 2008 did affect some of RAK’s industries, the emirate’s industrial base grew overall, which has made for a more diverse and resilient economy. RAK’s free trade zones and industrial parks continue...

Ras Al Khaimah stands out in the Gulf as one of the region’s most diversified economies. Investment spread across manufacturing, tourism, retail, high-tech industries and construction has been underpinned by improvements in infrastructure and connectivity. Quarrying, mining and manufacturing accounted for some 30% of GDP, followed by financial services, at 14.4%. In particular, the metal sector...

Despite the lingering effects of the 2008-09 international economic downturn and the more recent political unrest in the region, Ras Al Khaimah’s financial services sector is expected to grow substantially, fuelled by steady expansion in retail banking, Islamic financial services (IFS) and the insurance segment. Indeed, annual deposit growth at UAE banks reached a high of 16% in April 2011....