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Analysis

Ras Al Khaimah's investment in local treatment facilities to boost specialty care offerings
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The inauguration of the Sheikh Khalifa Specialty Hospital (SKSH) in February 2015 was a major step in the development of the Ras Al Khaimah health sector. Offering much-needed tertiary care, the hospital’s facilities are expected to have a major impact on the provision of health services, serving patients from the UAE’s Northern Emirates who would otherwise have to travel for treatment. Although…

Analysis

Main energy players in Ras Al Khaimah look abroad for exploration
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The emirate’s two upstream oil and gas exploration and production (E&P) companies, RAK Petroleum and RAK Gas, have both been active in overseas exploration activities in recent years. RAK Petroleum maintains indirect investments across eight countries in the MENA region, while RAK Gas has expanded its international portfolio via new exploration in Malawi and Somaliland. Although falling global…

Analysis

A growing population and economy underlines Ras Al Khaimah's need for water
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With a growing population and rising water consumption, investment in new water production facilities over the previous decade has been a priority for Ras Al Khaimah. The Federal Authority for Electricity and Water (FEWA) has made major strides in meeting RAK’s rising demand, most recently when it inaugurated the new Ghalilah desalination plant in 2015 and started new desal units of 8m imperial gallons…

Analysis

Private institutions draw attention of financiers in Ras Al Khaimah's education sector
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The UAE’s private education sector is rapidly expanding and Ras Al Khaimah is no exception – as its population rises against a backdrop of economic development, the emirate has seen a number of new private schools open of late, particularly in the post-secondary segment. A focus on science, technology, engineering and maths (STEM) training has benefitted the K-12 and post-secondary segments. Private…

Analysis

On the island: Further progress is expected on a major resort development
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When three new hotels with a combined key count of 1440 opened on Al Marjan Island in 2014, Ras Al Khaimah’s new resort destination came to life. Indeed, developers hope to see the area grow substantially in the next few years as a mixed development of holiday homes, restaurants, bars, marinas and up to 20 hotels that will together make a significant contribution to the emirate’s economy and change…

Analysis

Development and promotion in Ras Al Khaimah's tourism sector continues
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The tourism industry hit a high note in 2014, with revenues surpassing Dh1bn ($272.2m) and the total number of overnight stays by guests growing by 72% over 2013 to reach 2.14m. As the government intensifies efforts to develop and promote the tourism sector, in line with Sheikh Saud bin Saqr Al Qasimi’s long-term vision for economic diversification, the sector is hoping to attract an increasingly…

Analysis

The Gulf looks to Asia to grow trade
OBG
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Following a difficult period for the international shipping market, in 2012 the container route from Shanghai to the Gulf through Dubai saw the second-highest rate of freight growth in the entire Asian region. This was part of an emerging trend of the maturation of GCC-Asia trade. A relationship that was once just based on energy demand is diversifying and the GCC is seen as a viable market for Asian…

Overview

Ras Al Khaimah's continued growth benefits from its location and natural resources
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Ras Al Khaimah holds a unique position among the seven emirates that make up the UAE. It has a rich and long history that revolves around trade, with its exports mainly driven by copper and pearl in the past. Making the most of its vast reserves of clay, limestone and sand found on the Hajar Mountains, RAK has built a flourishing manufacturing sector that has served as an engine for growth over the…

Overview

Ras Al Khaimah drives diversification by expanding high-priority sectors
OBG
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Home to sizeable reserves of clay, limestone and sand, but few petroleum resources and fewer than 500,000 residents, Ras Al Khaimah holds a unique position among the UAE’s seven emirates, maintaining a less frenetic pace of life even as its GDP growth rises above the national average. RAK’s path towards economic diversification started early, and has seen it transform into an industrial and manufacturing…

Overview

Ras Al Khaimah's financial services sector benefitting from economic expansion
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In recent years, Ras Al Khaimah’s financial services sector has posted robust growth, driven by a rising population and new infrastructure projects. The industry has expanded beyond the emirate and of the four largest players – the National Bank of RAK (RAKBANK), Commercial Bank International (CBI), RAK Insurance and United Insurance Company (UIC) – three recorded positive results in 2014. However,…