The public and private sectors of Ras Al Khaimah (RAK) are combining to combat one of the greatest health problems facing the emirate – diabetes – with both the cause and the effects of the illness being targeted.According to data from the International Diabetes Federation (IDF), more than 32.5m people in the Middle East have developed diabetes, a figure the organisation says will jump by 80% by…
With the emirate’s fiscal house in order, Ras Al Khaimah’s (RAK’s) government and the banking sector have provided a solid bedrock for recent expansion in the industrial and tourism sectors, two of the economic segments that saw growth in 2011.The emirate is on steady footing to head into 2012, as well: last month Standard & Poor’s affirmed RAK’s “A/A-1” sovereign credit rating, citing…
During the first three quarters of 2011, the Ras Al Khaimah (RAK) construction industry has pressed on with scheduled mixed-use development projects.With fiscal uncertainty persisting in North America and Europe, and political unrest still lingering in the region, construction sectors across the Middle East and North Africa (MENA) region have faced mixed economic signals. Despite these external factors,…
The RAK Investment Authority (RAKIA) licenced 800 new companies in the first eight months of 2011, a 31% increase from the same period last year, according to Alex Thomas, RAKIA’s general manager of marketing. Most of the new licences were for manufacturing firms, and the number of trading and transport licenses was also up, Thomas said.Indeed, as RAK’s manufacturing capacity continues to expand,…
Small and medium-sized enterprises (SMEs) play a growing role in RAK’s economy, enjoying government support and benefitting from continued upgrades to the local infrastructure.Indeed, SMEs play an important role in the wider economy’s overall growth: according to Belaid Rettab, the senior director of economic research and sustainable business development at the Dubai Chamber of Commerce, SMEs account…
From Saudi Arabia to Qatar, governments across the Gulf region are ramping up spending on building projects, with this likely to generate a host of opportunities for Ras Al Khaimah’s construction materials industry, a mainstay of the local economy.In Saudi Arabia, the authorities are working towards a massive expansion in housing supply. As demand for homes increases in the Kingdom, real estate prices…
The local tourism sector received a welcome boost on April 13 when Ras Al Khaimah’s ruler, Sheikh Saud bin Saqr Al Qasimi, issued a decree to establish a dedicated Tourism Development Authority. The body will be tasked with administering the planning, development and regulation of the emirate’s tourism industry. With knock-on effects for transport, property and retail, the sector is seen Gulf-wide…
Real estate in Ras Al Khaimah appears set to rebound from the regional downturn in the property market, with experts predicting an increase in sales and building activity, but prices seem unlikely to reach pre-economic crisis levels.Starting in 2009 and continuing into 2010, demand for properties in RAK tapered off, an easing in line with the general trend across the UAE and the wider region. This…
Despite sluggish global market conditions, banks in Ras Al Khaimah are showing strong returns. The National Bank of RAK (RAKBANK) posted a net profit of Dh1bn ($272.3m) for 2010, a 38.1% increase over 2009, according to year-end results released on January 30. The growth was a result of a combination of increases in shareholders’ equity and customer deposits, the latter of which rose 32.7%, from…
