The economy of Ras Al Khaimah (RAK) has continued to expand, and while final year-end 2012 figures for growth have yet to be released, officials say they are confident that the forecast 8% increase in GDP – the same rate as in 2011 – will have been achieved in the emirate.This confidence was supported in late December when ratings agency Standard and Poor’s (S&P) affirmed its “A/A-1”…
With demand for cement in Ras Al Khaimah (RAK) poised to rise and regional projects already driving up exports, there are signs that the industry could be turning a corner.Like other firms across the Gulf region, RAK’s cement producers suffered a dramatic drop in business following the post-2009 slump in construction work, when projects worth an estimated $300bn were either cancelled or postponed…
Ras Al Khaimah’s (RAK’s) tourism sector continues to exceed expectations, with visitor arrivals well up on forecasts and overseas investment flowing in. However, the emirate faces stiff competition in a crowded market to develop brand recognition.According to data issued by the RAK Tourism Development Authority (TDA), the emirate hosted 523,568 visitors in the first five months of the year, well…
Oxford Business Group is pleased to announce its media partnership with the Global Independent Water and Power Project which will be held on 1 – 3 October, in Ras Al Khaimah. In this respect we send you the following message from the conference organisers: Dear Oxford Business Group Subscribers, Greetings from Fleming Gulf - Utilities Division! The Global IWPP Summit organised by Fleming Gulf's Utilities…
The already busy glass industry in Ras Al Khaimah (RAK) is set to expand even further in 2013 with yet another overseas company setting up production facilities in the emirate. Indeed, RAK’s central location and low costs have become desirable for numerous companies looking to set up in the region.The industrial sector is one of the pillars of the emirate’s economy, contributing around 30% of GDP…
As Ras Al Khaimah’s economy has developed over the past decade, the emirate has built a reputation as a regional centre for small and medium-sized enterprises (SMEs). In 2009, SMEs accounted for 85-95% of all economic activity in the UAE, according to a report released by the Abu Dhabi Council for Economic Development (ADCED). In RAK, the percentage is likely even higher. Since the turn of…
The property sector in Ras Al Khaimah is developing and expanding on a number of fronts. While investors remain cautious, many are also feeling increasingly confident, and this renewed confidence is evident in the fact that RAK developers have been handing over residential units as well as retail and office space. Local banks have taken notice and are identifying markets like RAK as ideal ground…
Although Ras Al Khaimah’s construction sector has not yet returned to pre-economic downturn levels of growth, local materials firms are mitigating the effects of the altered market using a variety of strategies. Concentrating on core business strengths, entering new markets and working on supplying key projects abroad are some of the methods currently being employed by sector players. And while…
In the Gulf, diversification is the name of the game. Directly or indirectly, the region derives most of its income from hydrocarbons. Given that these resources are finite, governments have long sought to reduce this dependency by promoting growth in non-oil sectors, such as manufacturing, tourism and banking, with varying degrees of success. RAK has so far been one of the region’s most…
As the industrial sector has expanded over the past decade, demand for power and water in Ras Al Khaimah has grown exponentially. Consequently, in recent years RAK, like many of the other Northern Emirates, has experienced sporadic power outages and water shortages. This is an issue in the emirate, as it is home to a number of energy-intensive manufacturing companies and other industrial firms.…
