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Investment in both private and public health care facilities has been on the rise over the past decade in RAK, with the health care sector expected to undergo a sustained period of major growth. Demand for new services is rising rapidly as RAK, like the rest of the UAE, witnesses an increasing incidence of lifestyle-related diseases. The government has increasingly targeted private health care provision as a strategy to improve patient outcomes. The inauguration of the Sheikh Khalifa Specialty Hospital (SKSH) in February 2015 was a major step in the development of the sector in that regard. This chapter contains an interview with Dr. Myung-Whun Sung, CEO, Sheikh Khalifa Specialty Hospital.

The energy mix in RAK is currently led by government-owned operators RAK Petroleum and RAK Gas, both of which are involved in exploration and operation activities internationally. The fall in global oil prices in mid-2014 is already being felt in RAK, with RAK Petroleum recording its first year of losses since 2007 in 2014. Despite this, falling oil prices are set to benefit RAK Gas’s major industrial customers and should improve the availability of affordable fuel necessary for ongoing industrial expansion. With population and business growth set to boost demand for energy in the emirate, the government has started pursuing renewable power options, with a number of international players putting forward bids for tenders to build desalinisation plants and develop renewable power capacity in the emirate. This chapter contains an interview with Richard Menezes, Managing Director, UTICO.

RAK’s location on the Strait of Hormuz, its well-developed infrastructure, and the free trade agreements in place within the GCC are some of the key logistical advantages offered to businesses located in the emirate. RAK boasts five ports, each with a clearly defined role, and all of them branded as RAK Ports and managed by the Saqr Port Authority. The 1200-km Etihad Rail Project is being built across the UAE in three stages and will eventually transport both freight and passengers, as well as provide rail links to the proposed GCC network. This chapter contains an interview with Cliff Brand, General Manager, RAK Ports Group.

Construction remains a key sector in RAK, with the industry driven by a combination of infrastructure, housing and hospitality schemes. The emirate’s role in providing raw materials and manufactured components for mega projects in the UAE and beyond looks set to continue as the region builds up to major events such as the 2022 FIFA World Cup. Strong demand continues to drive new residential development across the emirate, particularly in the case of seaside residential developments. New mortgage regulations introduced by the Central Bank of the UAE and the launch of the federal Al Etihad Credit Bureau are factors expected to reduce risk for lenders moving forward. This chapter contains an interview with Abdullah Rashed Al Abdooli, Managing Director, Al Marjan Island.

RAK is home to thriving cement and ceramics industries, and in 2014 manufacturing – the emirate’s main employer – accounted for 25.1% of total GDP. The emirate’s free trade zones have been key to driving this expansion. The FTZs offer international companies 100% ownership and allow them to take full advantage of the GCC’s free trade laws. Meanwhile, the emirate’s retail offering continues to grow as malls press ahead with expansion and upgrade plans. This chapter contains an interview with Yousef Obaid Al Nuaimi, Chairman, Ras Al Khaimah Chamber of Commerce and Industry.

RAK’s financial services sector has posted robust growth in recent years. New regulations in line with Basel III standards are set to stabilise and protect banks, setting new capital and liquidity standards, while changes to the insurance sector are expected to limit investment losses in the UAE’s equities markets. While local banks are increasingly focusing on retail and SME lending, construction development in the region continues to bode well for the sector, with events such as Dubai’s World Expo 2020 and FIFA World Cup 2022 in Qatar set to generate greater investment and financing demand. This chapter contains an interview with Peter England, CEO, National Bank of Ras Al Khaimah.