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Analysis

A friendly location: Free zones, industrial parks and other services cater to investors
OBG
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The establishment of free zones – dedicated areas where businesses are exempted from various laws and regulations – has been used in many countries to attract foreign investment, notably in the UAE. The federal system, with its largely decentralised economic decision-making, means that almost all emirates have set up free zones. Ras Al Khaimah is no exception, and it has pitched its free zones…

Analysis

Top banks: A look at the leading local financial institutions
OBG
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With two locally headquartered banks and a substantial number of institutions from elsewhere in the UAE and further afield, Ras Al Khaimah’s banking sector is very competitive. The National Bank of RAK (RAKBANK) and Commercial Bank International (CBI) have rolled out a handful of new products and services in recent years, focusing on small and medium-sized enterprises (SMEs) and retail banking.…

Analysis

New goals in sight: Encouraging foreign investment in a range of areas
OBG
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To drive economic growth and stimulate industry development, Ras Al Khaimah has long pursued a strategy of promoting outside investment. Over the past 20 years, this has proved very successful, and the emirate has developed a fairly broad range of industries, led initially by cement and ceramics factories processing local limestone. The pace of growth accelerated during the UAE’s oil and…

Analysis

Season of change: The Arab Spring has the potential to create new economic opportunities for the emirate
OBG
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In his introductory remarks at the 2011 Global Arab Business Meeting (GABM), held at the Al Hamra Convention Centre in Ras Al Khaimah in October 2011, Sheikh Saud bin Saqr Al Qasimi, the ruler of RAK, spoke of new opportunities created by the unrest that has swept through North Africa and the Middle East in 2011 and early 2012. “The real challenge is how we can provide good governance to…

Analysis

Niche potential: Promoting research and development in high-tech industries
OBG
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Given its relative lack of natural resources, and hydrocarbons in particular, Ras Al Khaimah has had to focus its efforts outside the energy sector, building up a diversified industrial base by making use of a mixture of incentives, infrastructure investment and careful partnerships. Now, the emirate is looking to position itself as a centre for advanced manufacturing and high-tech industries…

Analysis

Trading up: Boosting economic ties increases regional integration
OBG
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A substantial number of new international economic agreements have boosted Ras Al Khaimah in recent years, largely as a result of government-led industrial development measures put in place over the past decade. The emirate has established trade relationships with a diverse group of nations, including Tanzania and the US. Rising export revenues have allowed the government to invest heavily…

Analysis

Pushing production: An open-door policy paves the way for foreign investment
OBG
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Over the past decade, Ras Al Khaimah has positioned itself as a manufacturing centre in the UAE, with industry making a significant contribution to the emirate’s GDP at over 30%. A number of factors – including its convenient location with good infrastructure connections and non-application of income, sales and corporation tax – have attracted investment. PARTNERSHIPS: The emirate operates…

Analysis

Responding to demand: Boosting private sector involvement in utilities
OBG
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Relatively unaffected by the global slowdown, Ras Al Khaimah has witnessed extremely rapid growth in the past decade. The emirate’s GDP grew by approximately 8% in 2011, according to RAK’s Department for Economic Development. Industry was the main driver of this growth, accounting for around 30% of GDP in the same year. The rise in GDP served to attract a raft of foreign workers to the emirate,…

Analysis

Aim high: Tertiary education is set to receive greater attention
OBG
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The importance of education to today’s knowledge- and skills-based economies cannot be overstated, and as a result, tertiary schools shoulder much of the burden in effectively preparing tomorrow’s job seekers. “Companies need recent graduates who do not require additional training before they can add value on the job,” explained Raj Nambiar, director of administration at the University…

Analysis

Stronger together: A merger deal helps to diversify and expand reserves
OBG
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Two hydrocarbons firms, RAK Gas and RAK Petroleum, are the main players in Ras Al Khaimah’s energy sector. The former is a state-owned company responsible for ensuring a steady and reliable supply of gas for the emirate, while the latter is a public limited company formed in 2005. The latter is headquartered in Dubai and is not listed on any exchange, with shares traded over the counter instead…