Construction & Real Estate

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 and building sector was worth $620.62m in 2010 – about 10% of RAK’s overall economy, according to the RAK Department of Economic Development. Furthermore, partly as a response to the challenges of the downturn, and to stabilise their economic outlook, construction firms are adopting new strategies, such as diversification, consolidation and expansion. Authorities have also begun pushing for more environmentally friendly building practices, with oversight from the RAK Environmental Protection and Development Authority. This chapter includes an interview with Louis-Armand de Rougé, CEO of RAK Marjan Island Football.