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.
RAK has historically been a hub for trade in the gulf region, with the emirate’s chief exports traditionally consisting of pearls and copper. Today, RAK’s position on the Strait of Hormuz continues to present a significant strategic advantage, with the emirate boasting five commercial port facilities, one of which – Port Saqr – will be linked up to the GCC-wide rail network under development. Furthermore, the emirate’s network of free trade zones is amongst the fastest growing globally, with FTZs attracting billions of incoming investment in recent years. Though not as hydrocarbons rich as some of its neighbours, RAK nevertheless boasts significant natural resources. The emirate’s limestone reserves in the Hajar Mountains underpin the thriving domestic cement industry, which in turn feeds the intense infrastructure drives under way across the UAE and the wider region.
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