Economy
From The Report: Ras Al Khaimah 2015
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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 sector, contributing 25.1% of GDP.

This chapter contains an interview with Sheikh Ahmad Bin Saqr Al Qasimi, Chairman, Ras Al Khaimah Free Trade Zone (RAK FTZ).

Articles from this Chapter

Overview

Drive to diversify: The emirate is aiming to expand high-priority sectors
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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 hub, supported by targeted resource development, a fast-expanding network of free zones,…

Interview

Contributing to growth: OBG talks to Sheikh Ahmad bin Saqr Al Qasimi, Chairman, Ras Al Khaimah Free Trade Zone (RAK FTZ)
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Interview:Sheikh Ahmad bin Saqr Al Qasimi Given the increasing diversification in the free zone, what sectors do you see having the greatest potential outside of industry and tourism? SHEIKH AHMAD BIN SAQR AL QASIMI: One of the main goals of RAK FTZ is consolidating and strengthening our traditional core industrial manufacturing sector. While diversification is necessary to long-term sustainable growth, we must not lose focus on our industrial roots, which will continue to play an integral…

Analysis

Return to debt markets: The emirate issues its first sovereign sukuk in a decade
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Although the government of Ras Al Khaimah is not known for frequent bond issuance, it returned to the debt markets in 2015 with the deployment of a $500m sovereign sukuk (Islamic bond). Bonds, both Islamic and conventional, have been increasingly utilised by public and semi-privatised entities in the emirate recently, and despite earlier indications that the government would seek a syndicated loan to raise capital for new projects, debt market conditions are more favourable at present, as evidenced…

Analysis

Attracting interest: Streamlining the licensing process in order to enhance the emirate’s business environment
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In a bid to attract new foreign investment inflows across a host of high-priority sectors, the government of Ras Al Khaimah launched a number of new initiatives for prospective and existing businesses in 2014. The RAK Department of Economic Development (RAK DED) recently announced plans to work with the UAE’s Ministry of Economy (MoE) to improve the emirate’s business environment, with the new agreement slated to streamline and de-centralise business licensing procedures, in addition to attributing…