Ras Al Khaimah’s (RAK) economy is on track to post a second year of solid growth. The emirate, however, is also keeping an eye on any signs of economic slowdown or political instability elsewhere in the region, which could impact its overall expansion.The emirate’s GDP is expected to expand by 8% in 2012, the same rate of growth it saw in 2011, RAK’s ruler, Sheikh Saud Bin Saqr Al Qasimi, told…
The industrial sector in Ras Al Khaimah (RAK) has continued to post significant growth in recent years, thanks to a favourable business environment and prudent regulation.Since hydrocarbons are in relatively short supply in the emirate, making up 5 % of GDP in 2010, according to the Department for Economic Development (DED), RAK has developed a highly competitive industrial base. Although developments…
The Middle East Association (MEA) will be holding a Ras Al-Khaimah Business Briefing on 22 March, exploring British business opportunities in the Emirate. Ras Al Khaimah, one of the northern Emirates in the UAE (United Arab Emirates) is a booming and emerging economy in the GCC (Gulf Cooperation Council) region. It is increasingly becoming a favoured global business destinations due its strategic location…
Oxford Business Group is pleased to announce our media partnership with the World Free Zone Convention, which will be held on 2-3 November 2010, in Ras Al Khaimah, UAE. In this respect, we send you the following message from the conference organiser: Dear Oxford Business Group subscribers, RAK Free Trade Zone proudly hosts the 10th World Free Zone Convention “Harnessing economic zones worldwide…
A major free trade zone (FTZ) in Ras Al Khaimah (RAK) is looking to build on recent growth and expand its base to include new areas of business from an increasingly broad range of countries.The RAK FTZ reported in mid-February that more than 2000 new companies signed up at the emirate’s main business hub in 2011, marking a 17% increase on the number in 2010, while firms renewing their licences rose…
RAK has seen a number of important developments in its education sector in recent years as the emirate continues its drive to become a knowledge-based economy. Most significant among these has been the decision to create a council to oversee and regulate the emirate’s growing number of colleges and universities.Although the council – established by Sheikh Saud Bin Saqr Al Qasimi in 2011 – had…
With the new year underway, things are already looking up for Ras Al Khaimah’s (RAK) construction sector. Although financial results from contractors and materials suppliers reflect the economic impact of instability in key markets during 2011, progress on recent projects, announcements of new infrastructure developments and trickle-down effects of a rising tourism industry all pointing toward expansion…
Local energy firm RAK Petroleum Public Company has put the final touches to a merger deal that gives its shareholders a stake in lucrative operations across the Gulf region and beyond.Last month, RAK Petroleum announced that it had finalised the merger of its Middle East and North Africa (MENA) operating subsidiaries with Norwegian firm DNO International. The announcement was made after the deal cleared…
The financial sector in Ras Al Khaimah (RAK) performed well in 2011, with banking institutions weathering uncertain global economic conditions. Expected investments from the government and private sector, meanwhile, are set to keep capital flowing in and offer opportunities for further growth.On a broader level, the emirate’s finances are in good order. In December 2010, Standard & Poor’s affirmed…
As part of a long-term strategy to diversify the economy by capitalising on the emirate’s natural beauty, Ras Al Khaimah (RAK) is moving forward with ambitious plans to rebrand itself as a tourism destination.By 2021, RAK expects around 20% of its GDP will be generated by tourism-related activities, which even by 2011 figures would mean the industry would be generating in excess of $1bn per year,…
