Like the other emirates in the UAE, Ras Al Khaimah’s development strategy is centred on transitioning to a knowledge-based economy. The government thus places a strong emphasis on both human and social development, with a particular focus on improving education. In 2010 the Education 2020 plan was expanded by the Ministry of Education to include 10 strategic objectives and 50 initiatives to be implemented…
Ras Al Khaimah has made significant progress over the last five years in building the infrastructure and institutions required to anchor a robust health care sector. Both population growth and changes in lifestyle have led to an increase in the demand for and cost of health care services in the emirate. Public facilities are meeting the majority of this rising need, although private service providers…
With strong industrial growth and demand for electricity on the rise, Ras Al Khaimah’s energy needs are expanding. This is being met by broadening the number of players in the sector. Aside from the Federal Electricity and Water Authority, several international firms have become major players in the emirate’s energy sector. RAK is working to ensure greater energy independence by boosting access…
Taking advantage of the emirate’s strategic location, several projects aimed at improving transport offerings are now under way. Etihad Rail will link the area to Oman, as well as support several key energy and infrastructure projects. RAK International Airport continues to drive growth in the sector, with revenues rising by 31%in early 2013. There are also plans to construct a 32-km ring road that…
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 emirate is home to several major building materials producers, and it is well placed to serve the growing GCC market. Local projects such as the development of Al Marjan Island lend further support to the expansion…
As part of its “20-20” strategy, under which no single sector should account for more than 20% of GDP or 20% of the fiscal surplus, the government is working to diversify the local economy. Growth is expected in the industrial sector in line with efforts to expand downstream capacity, extending production across the supply chain. Improvements to electricity capacity are planned as well, which promise…
Ras Al Khaimah was relatively unaffected by the global financial crisis and is well positioned to benefit from growth in neighbouring emirates and the wider region. Financial services in RAK are dominated by the retail banking segment, but the sector as a whole is likely to benefit from the regional construction projects and infrastructure works designed to keep pace with growing populations and commercial…
Ras Al Khaimah’s economy is well diversified, with five sectors accounting for more than 8% of GDP each: resource extraction and related services; trade; financial services; government services; and construction. Manufacturing is the mainstay of the economy, comprising 26% of GDP. Free zones have been crucial to the emirate’s economic growth, with the government offering investors a range of incentives…
The fourth-largest emirate of the UAE, Ras Al Khaimah may be small, but its geography is varied and it boasts significant resources that have enabled it to complement the hydrocarbons wealth of its neighbours. Home to the largest rock quarry in the Gulf, RAK has built strong cement and ceramics industries, while its 64 km of coastline holds potential for tourism, a sector that the government is working…
Plans to introduce compulsory health insurance in Ras Al Khaimah (RAK) are expected to usher in a wave of new private sector investment, a response to a forecast rise in demand for specialised services. To do so, the emirate is also stepping up efforts to attract and retain trained staff in an increasingly competitive market.According to a report compiled by international research firm RNCOS, the UAE’s…
