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Analysis

Opening doors: Luxury developments promise to boost capacity and raise the emirate’s profile as a destination
OBG
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The government of Ras Al Khaimah has embarked on an ambitious programme to expand its tourism facilities to meet increasing demand from visitors. In the short term, one key project is the development of Hilton Worldwide’s Waldorf Astoria hotel, a highend property which promises to raise the emirate’s profile as a luxury destination. Over the longer term, the flagship Al Marjan Island development…

Overview

Balanced payments: Strong fundamentals help raise returns in the sector
OBG
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The market for financial services in Ras Al Khaimah is growing in size and sophistication along with the emirate’s broader economy. As a supplier of a range of basic building materials, RAK’s industry-fuelled economy is aligned with the fortunes of the wider region, and this should result in opportunities for financial services companies to fund or insure new projects, as well as capitalise on…

Overview

20-20 vision: The government seeks a balanced and diversified economy
OBG
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Industrial activity has been crucial to Ras Al Khaimah’s economic growth, driven by the government’s policy of attracting firms and investment into the sector based on the natural resources RAK has to offer them. The emirate is now looking to increase growth capacity by removing electricity supply constraints, addressing logistics concerns and targeting specific industries, such as vehicle assembly,…

Overview

Adding strength and capacity: Plans for expansion are a high priority following record traffic at the ports and international airport
OBG
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Infrastructure is a lynchpin for Ras Al Khaimah’s economic growth, particularly as the emirate’s local manufacturers need cost-efficient routes to their various markets and tourism operators require greater general access and interconnectivity to expand. In response, the emirate plans to increase capacity by expanding its existing network of roads, ports and air transport facilities, with a particular…

Overview

Maximising growth potential: A strategic location and local resources have proven key to the emirate’s development
OBG
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Ras Al Khaimah is one of the constituent emirates of the UAE, with the other six being Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain and Fujairah. Within this group, RAK stands out for its long and rich history that has invariably revolved around global exchange. While in the past trade was largely driven by copper and pearl exports, the emirate’s economy is now much more diversified, bolstered…

Overview

A strategic approach: Maximising domestic generation capacity will be key to ensuring growth
OBG
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Unlike many of its neighbouring countries and emirates, Ras Al Khaimah is not a large oil-and-gas producer. It has, however, established its own growing energy economy, ramping up capacity for electricity generation and water desalination, studying the potential of renewable energies – in particular solar power – and developing energy efficiency solutions. Upstream Development The emirate’s…

Overview

Building the economy: Easy access to materials and growing population buoy sector
OBG
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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 government is investing heavily to establish the emirate as an international destination for tourism, which is driving significant development. Indeed, the pipeline of hotels, resorts, residences, retail and commercial…

Overview

A time to buy: Niche segments have grabbed the attention of mall developers
OBG
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The past few years have seen a major expansion of retail options in Ras Al Khaimah, with new malls, new neighbourhoods and numerous new strategies emerging. The year 2013 was shaping up as a period of consolidation, as major retail developers refine their offerings and fill their space. Room To Let Gross leasable area in the emirate may rise to almost 200,000 sq metres by 2015, according to…

Overview

Strength in depth: An established industrial and manufacturing sector sets the tone for diversification
OBG
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In a region where most economies are dominated by oil or gas, Ras Al Khaimah stands out because it is one of the few without significant domestic reserves. Instead, a resource-based economy has developed around RAK’s limestone, clay and silica, with a well-established industry and manufacturing sector making use of these raw materials. The government has attracted thousands of private sector partners…

Overview

Regaining momentum: Increased tourism and major development projects stimulate growth
OBG
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Expanding human and social capital and diversifying the economy into emerging sectors such as tourism and real estate are key planks of Ras Al Khaimah’s development strategy. As a result, tourism and residential properties are expected to continue to be major drivers of growth in the real estate sector. The number of visitors entering RAK has gone up considerably over the last few years, creating…