The energy mix in RAK is currently led by government-owned operators RAK Petroleum and RAK Gas, both of which are involved in exploration and operation activities internationally. The fall in global oil prices in mid-2014 is already being felt in RAK, with RAK Petroleum recording its first year of losses since 2007 in 2014. Despite this, falling oil prices are set to benefit RAK Gas’s major industrial…
RAK’s location on the Strait of Hormuz, its well-developed infrastructure, and the free trade agreements in place within the GCC are some of the key logistical advantages offered to businesses located in the emirate. RAK boasts five ports, each with a clearly defined role, and all of them branded as RAK Ports and managed by the Saqr Port Authority. The 1200-km Etihad Rail Project is being built across…
Construction remains a key sector in RAK, with the industry driven by a combination of infrastructure, housing and hospitality schemes. The emirate’s role in providing raw materials and manufactured components for mega projects in the UAE and beyond looks set to continue as the region builds up to major events such as the 2022 FIFA World Cup. Strong demand continues to drive new residential development…
RAK is home to thriving cement and ceramics industries, and in 2014 manufacturing – the emirate’s main employer – accounted for 25.1% of total GDP. The emirate’s free trade zones have been key to driving this expansion. The FTZs offer international companies 100% ownership and allow them to take full advantage of the GCC’s free trade laws. Meanwhile, the emirate’s retail offering continues…
RAK’s financial services sector has posted robust growth in recent years. New regulations in line with Basel III standards are set to stabilise and protect banks, setting new capital and liquidity standards, while changes to the insurance sector are expected to limit investment losses in the UAE’s equities markets. While local banks are increasingly focusing on retail and SME lending, construction…
RAK’s path towards economic diversification started early and has seen it transform into an industrial and manufacturing hub, supported by targeted resource development, a fast-expanding network of free zones, and government efforts to promote and incentivise investment. The emirate’s GDP growth was reported at 7.6% in 2013, reaching $7.05bn, with manufacturing representing the single-largest economic…
RAK is ruled by Sheikh Saud bin Saqr Al Qasimi, who has ruled since the passing of his father, Sheikh Saqr, in 2010. The emirate’s population has grown significantly over recent years, rising from 267,000 in 2009 to 413,000 in 2010. Despite its relatively small geographic size, the emirate nevertheless boasts a varied landscape and considerable natural resources. Indeed it is home to the largest…
As the ancient Arabic proverb says, “Horses know their horsemen the best”. Indeed, “not everyone has the ability to connect with a horse,” according to Nikolas Santek, the stable manager of the Al Wadi Equestrian Adventure Centre. This may ring even truer for the Arabian horse, which must identify its riders and caretakers by the sound of their walk, as Arabian horses’ vision is generally…
Etiquette A handshake is usually the first introduction in a business setting. In any greeting between men and women, the woman must extend her hand first. If she does not, a man should bow his head instead. Accepting or offering anything with the left hand is considered to be impolite. Language Arabic is the official language, but English is also widely spoken, particularly in the business community.…
Much of Ras Al Khaimah’s efforts to promote tourism have focused on the emirate’s white sand beaches, luxury hotels and more relaxed pace of life. At the same time, the emirate is also home to several cultural and archaeological sites that are playing an increasingly prominent role in developing tourism. This is demonstrated by recent efforts to restore the ghost town of Jazirat Al Hamra (JAH),…
