Industry and Retail

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 to offer a business-friendly environment that has attracted industrial investment. Moreover, foreign ownership of companies based in free zones is unrestricted, with no income, sales or corporate taxes levied. The results of this have been clear; in 2011 RAK FTZ was home to more than 5000 firms from 106 countries. In the same year, 2033 licences were granted, an increase of 17% on the 1740 in 2010. Additionally, RAK has continued to see growth in its traditional areas of strength – including building materials and pharmaceuticals – and in new areas, such as metals. This chapter includes an interview with Dr Ayman Sahli, CEO of Julphar.