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Analysis

Ready for the challenge: A revamped medical industry to address growing demand
OBG
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While the overall economy is currently benefitting significantly from an increase in expatriate companies that are operating out of Ras Al Khaimah, the emirate’s health care industry also stands to profit from the arrival of these newcomers. Rapid population growth, which climbed to 8% between 2008 and 2010 according to the RAK Department of Economic Development, encourages health care investment…

Analysis

Paving the way: Expanded road routes will help meet the needs of a growing population
OBG
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As cars are the primary mode of transportation in Ras Al Khaimah, the emirate’s growing population means an increasing number of vehicles are taking to local roads, affecting traffic patterns and creating jams. Both the local and federal governments have recognised the importance of upgrading road infrastructure, and a number of projects are in the pipeline. BY THE NUMBERS: The RAK Department…

Analysis

Taking to the skies: Plans in place to make the aviation segment more competitive
OBG
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With passenger traffic on the rise and new routes earmarked for its flag carrier, Ras Al Khaimah is strengthening its foothold in the regional aviation market despite facing tough competition from airlines in the other emirates. The carrier, RAK Airways, has faced a challenging few years, having first been grounded at the height of the global economic recession and then, following a period of restructuring,…

Analysis

Clear goals: Authorities aim for steady expansion
OBG
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The tourism sector is growing and changing rapidly. Not only are more tourists travelling to the emirate, tourism infrastructure is also being expanded. The government has recognised the importance and potential of transforming the sector and has recently taken steps to ensure continued and steady growth. In May 2011 the government set up the Ras Al Khaimah Tourism Development Authority (RAK TDA).…

Overview

A rising star: Welcoming investment to its many expanding sectors
OBG
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Boasting some of the fastest-growing free trade zones in the region, Ras Al Khaimah has witnessed impressive economic expansion and diversification across key industries in recent years. The emirate is on its way to becoming an important investment destination in the region. Nestled in the northern part of the UAE, RAK lies between the base of the Hajjar Mountains and the Gulf. This location…

Overview

A broader view: Diversified base continues to expand as investment-friendly policies draw in FDI
OBG
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With a reputation for fiscal prudence and a strong emphasis on industry, Ras Al Khaimah stands out in the Gulf as one of the region’s most diversified economies. RAK’s government has run a consistent fiscal surplus over the last decade, enabling it to make considered investments that, in turn, have helped create a broad-based economy with a high degree of resilience. Investment spread across…

Overview

IN THE PUBLIC SPHERE:
OBG
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On September 24, 2011 more than 5000 of Ras Al Khaimah’s inhabitants – including a substantial number of women – elected three new local representatives to the UAE’s Federal National Council (FNC), the 40-member organisation serving as the national legislature. Political participation by women has jumped substantially in recent years. In RAK, women have benefitted from reforms that have…

Overview

Ramping up: Solid fundamentals underpin expansion
OBG
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Despite the lingering effects of the 2008-09 international economic downturn and the more recent political unrest in the region, Ras Al Khaimah’s financial services sector is expected to grow substantially, fuelled by steady expansion in retail banking, Islamic financial services (IFS) and the insurance segment, among other areas. Local banks and other financial institutions – which have seen…

Overview

Mover and shaker: Encouraging economic growth with an eye towards social development
OBG
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Over the past decade the emirate of Ras Al Khaimah has developed a reputation as an up-and-coming player in the Middle East and further afield. In 2011 RAK’s status continued to grow, despite political volatility elsewhere in the region and ongoing concerns about international financial stability. This is largely the result of a series of ambitious development programmes put in place over…

Overview

A diversifying offer: The appetite for higher-end products is growing
OBG
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Underpinned by strong economic and demographic fundamentals, retail in Ras Al Khaimah has continued to expand. The emirate’s population grew by an estimated 4.5% in 2010 to reach around 279,000 people, according to the RAK Department of Economic Development (RAK DED), with the government estimating 300,000 ahead of a 2012 census. Of those, 49.4% were active in the labour force and per capita…