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In many ways Ras Al Khaimah’s construction sector is the backbone of the local economy, with a number of major infrastructure projects enabling development across a range of sectors. The emirate is home to several major building materials producers, and it is well placed to serve the growing GCC market. Local projects such as the development of Al Marjan Island lend further support to the expansion of the construction sector. RAK’s real estate market remained relatively stable during the global financial crisis relative to other emirates, although the value of some luxury holdings fell. The government has substantially liberalised laws concerning foreign property ownership, allowing foreign nationals to own the freehold of properties in their own name, which looks set to boost foreign investment in the peal estate sector. This chapter contains an interview with Naser Bustami, Group General Manager, Stevin Rock.

As part of its “20-20” strategy, under which no single sector should account for more than 20% of GDP or 20% of the fiscal surplus, the government is working to diversify the local economy. Growth is expected in the industrial sector in line with efforts to expand downstream capacity, extending production across the supply chain. Improvements to electricity capacity are planned as well, which promise to benefit local manufacturers and enterprises. Tourism is another area of focus, with plans to leverage the emirate’s natural beauty. This chapter contains interviews with: Sanjay Hinduja, Chairman, Gulf Oil International and Yousef Obaid bin Easa Al Neaimi, Chairman, Ras Al Khaimah Chamber.

Ras Al Khaimah was relatively unaffected by the global financial crisis and is well positioned to benefit from growth in neighbouring emirates and the wider region. Financial services in RAK are dominated by the retail banking segment, but the sector as a whole is likely to benefit from the regional construction projects and infrastructure works designed to keep pace with growing populations and commercial needs, as well as major event-driven projects. Several players offer wide variety of sharia-compliant services in the banking sector, while the insurance industry serves the upwardly mobile population and offers one of the most promising avenues for investment in the emirate. This chapter contains an interview with Kris Babicci, CEO, Commercial Bank International.

Ras Al Khaimah’s economy is well diversified, with five sectors accounting for more than 8% of GDP each: resource extraction and related services; trade; financial services; government services; and construction. Manufacturing is the mainstay of the economy, comprising 26% of GDP. Free zones have been crucial to the emirate’s economic growth, with the government offering investors a range of incentives to set up shop. By improving transport links with neighbouring GCC states, the government hopes to realise new gains and investments into each of these areas. Tourism is also expected to benefit from improved infrastructure, including sector-specific facilities that boost the emirate’s appeal as a destination. This chapter contains an interview with Sheikh Ahmad Saqer Mohamed Al Qasimi, Chairman, Ras Al Khaimah Free Trade Zone.

Hydrocarbons are not the only underground resource to yield billions of dollars of profit in Saudi Arabia. The mining of metallic ores, phosphates, bauxite and construction materials is an area of growth that the government hopes will become the third pillar of the economy, after oil and petrochemicals. Indeed, Saudi Arabia encompasses geologically diverse areas that contain a wealth of resources, including some of the world’s largest ore deposits. Furthermore, in recent years the Kingdom has made fundamental changes to its business climate for the sector, while the emergence of a new railway infrastructure should further increase investor interest. This chapter includes an interview with Sultan J Shawli, Deputy Minister for Mineral Resources.