Industry and Retail
From The Report: Ras Al Khaimah 2012
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Industry accounted for more than 30% of RAK’s GDP in 2010, reflecting the emirate’s positioning as a leading manufacturing centre within the UAE and broader region. Although the global credit crunch of 2008 did affect some of RAK’s industries, the emirate’s industrial base grew overall, which has made for a more diverse and resilient economy. RAK’s free trade zones and industrial parks continue to offer a business-friendly environment that has attracted industrial investment. Moreover, foreign ownership of companies based in free zones is unrestricted, with no income, sales or corporate taxes levied. The results of this have been clear; in 2011 RAK FTZ was home to more than 5000 firms from 106 countries. In the same year, 2033 licences were granted, an increase of 17% on the 1740 in 2010. Additionally, RAK has continued to see growth in its traditional areas of strength – including building materials and pharmaceuticals – and in new areas, such as metals. This chapter includes an interview with Dr Ayman Sahli, CEO of Julphar.

Articles from this Chapter

Overview

Finding a niche: A wide variety of opportunities exist for investors
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With industry accounting for more than 30% of GDP in 2010, Ras Al Khaimah has positioned itself as an increasingly significant manufacturing centre within the UAE and the broader region. By making efficient use of its resources, such as the limestone deposits in the Hajjar Mountains, and investing in connectivity – the emirate has five ports, its own airport, and enjoys good road links to the rest of the UAE and the GCC, with Dubai’s Jebel Ali port an hour’s drive away – RAK has built…

Interview

OBG talks to Dr Ayman Sahli, CEO, Julphar
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Interview:Ayman Sahli To what extent has the UAE’s health care industry been affected by the economic crisis? Where do you see the most potential for growth? AYMAN SAHLI: The health care industry in the UAE was not that affected by the economic downturn and has continued to grow at a double-digit pace. Being a necessity, the health care industry is recession-proof and there is still a lot of potential for growth. The UAE spends just 3.2% of GDP on health care and spending per capita is…

Analysis

A friendly location: Free zones, industrial parks and other services cater to investors
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The establishment of free zones – dedicated areas where businesses are exempted from various laws and regulations – has been used in many countries to attract foreign investment, notably in the UAE. The federal system, with its largely decentralised economic decision-making, means that almost all emirates have set up free zones. Ras Al Khaimah is no exception, and it has pitched its free zones very carefully, only targeting areas in which it has a distinct advantage. Many of the incentives…

Analysis

Pushing production: An open-door policy paves the way for foreign investment
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Over the past decade, Ras Al Khaimah has positioned itself as a manufacturing centre in the UAE, with industry making a significant contribution to the emirate’s GDP at over 30%. A number of factors – including its convenient location with good infrastructure connections and non-application of income, sales and corporation tax – have attracted investment. PARTNERSHIPS: The emirate operates an open-door policy for all foreign investors regardless of their country of origin. The government,…

Overview

A diversifying offer: The appetite for higher-end products is growing
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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 incomes in 2011 stood at just under $25,000. Around 40% of the population were Emiratis, with the rest…