The Middle East

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Chapter | Industry & Retail from The Report: Ras Al Khaimah 2015

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...

Chapter | Financial Services from The Report: Ras Al Khaimah 2015

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,...

Chapter | Economy from The Report: Ras Al Khaimah 2015

RAK’s path towards economic diversification started early and has seen it transform into an industrial and manufacturing hub, supported by targeted resource development, a fast-expanding network of free zones, and government efforts to promote and incentivise investment. The emirate’s GDP growth was reported at 7.6% in 2013, reaching $7.05bn, with manufacturing representing the single-largest...

Chapter | Country Profile from The Report: Ras Al Khaimah 2015

RAK is ruled by Sheikh Saud bin Saqr Al Qasimi, who has ruled since the passing of his father, Sheikh Saqr, in 2010. The emirate’s population has grown significantly over recent years, rising from 267,000 in 2009 to 413,000 in 2010. Despite its relatively small geographic size, the emirate nevertheless boasts a varied landscape and considerable natural resources. Indeed it is home to the...

With more limited hydrocarbons reserves compared to its UAE neighbours to the south, RAK has developed into an industrial hub thanks to its dynamic network of industrial free trade zones. Considerable natural resources feed the country’s thriving cement and ceramics industries while elsewhere the emirate is looking to leverage its varied landscapes in a bid to boost tourism revenues in line with general economic diversification targets.

 

Much of Ras Al Khaimah’s efforts to promote tourism have focused on the emirate’s white sand beaches, luxury hotels and more relaxed pace of life. At the same time, the emirate is also home to several cultural and archaeological sites that are playing an increasingly prominent role in developing tourism. This is demonstrated by recent efforts...

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