Economy
From The Report: Ras Al Khaimah 2013
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Ras Al Khaimah’s economy is well diversified, with five sectors accounting for more than 8% of GDP each: resource extraction and related services; trade; financial services; government services; and construction. Manufacturing is the mainstay of the economy, comprising 26% of GDP. Free zones have been crucial to the emirate’s economic growth, with the government offering investors a range of incentives to set up shop. By improving transport links with neighbouring GCC states, the government hopes to realise new gains and investments into each of these areas. Tourism is also expected to benefit from improved infrastructure, including sector-specific facilities that boost the emirate’s appeal as a destination.
This chapter contains an interview with Sheikh Ahmad Saqer Mohamed Al Qasimi, Chairman, Ras Al Khaimah Free Trade Zone.

Articles from this Chapter

Overview

Strength in depth: An established industrial and manufacturing sector sets the tone for diversification
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In a region where most economies are dominated by oil or gas, Ras Al Khaimah stands out because it is one of the few without significant domestic reserves. Instead, a resource-based economy has developed around RAK’s limestone, clay and silica, with a well-established industry and manufacturing sector making use of these raw materials. The government has attracted thousands of private sector partners to share in strategic investments or set up shop in export-oriented free zones, with the result…

Interview

A thriving business environment: OBG talks to Sheikh Ahmad Saqer Mohamed Al Qasemi, Chairman, Ras Al Khaimah Free Trade Zone (RAK FTZ)
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Interview:Sheikh Ahmad Saqer Mohamed Al Qasemi What are RAK FTZ’s goals for 2013, and how is your strategy developing to reach the objectives? SHEIKH AHMAD SAQER MOHAMED AL QASEMI: RAK FTZ aims to be the highest quality and the most cost-effective FTZ in the region. To this end, our goal is to offer a solid product that businesses would choose to be a part of. We have built on this foundation since the zone was created, with unique business ideas, cost-effective packages and excellent support…

Analysis

Realising potential: Natural beauty and sensible planning support tourism development
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Economic diversification has been a primary goal for Ras Al Khaimah’s leadership, and success thus far has mostly meant leveraging the emirate’s varied natural resources to nurture industry and manufacturing. Industrial activity accounts for roughly a third of the emirate’s GDP and constitutes a key element of its diversification programme. At the same time, RAK aims to follow a 20/20 rule – no one economic sector should account for more than 20% of GDP or 20% of the fiscal surplus – thus…

Analysis

Freeing up growth: Increasing the number of free zones to boost investment potential
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Free zones have been a central part of Ras Al Khaimah’s recent economic success. Growth has been the result of government policies actively targeting industries and manufacturers that can build on the emirate’s natural resources, offering them the incentive of a low- or no-tax business operating environment. Free zones are a crucial element of the government’s economic growth and diversification strategy, and RAK has developed several areas with distinct features aimed at attracting different…