Business in UAE: The Economic Rise of Ras Al Khaimah

Business in UAE

The United Arab Emirates is a thriving union of seven flourishing emirates of Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, Al Fujairah, Umm Al Quwain and Ajman. The integration of each of the seven emirates with the other contributes to the formation of a unified single nation moving towards a sustainable economy.

Ras Al Khaimah is one of the prominent emirates of UAE. It is categorized as one of the fastest growing economies of UAE with major industrial developments in the pharmaceutical sector and cement production. The geographical location of Ras Al Khaimah acts as the mouth of the Arabian Gulf for economic as well as cultural exchange. Trade has been existing in this emirate since centuries. RAK joined the federal union of UAE on 10th February 1972. The Ras Al Khaimah City is the capital of this emirate.

Being the fourth-largest emirate in terms of area, RAK shares its borders with Umm Al Quwain, Sharjah and Fujairah as well as the Sultanate of Oman to the south-east. The creek divides the RAK city into two parts- the old town of RAK and the eastern part known as Muairid. RAK encompasses a number of economically active places- Al Jazeerah Al Hamra, Digdagah, Khatt and Masafi.

Boosted by the recent establishment of free economic zones, the emirate of Ras Al Khaimah has been witnessing a wide expansion in its economy attracting foreign investments on a large scale. The cement production in RAK has experienced higher growth trajectory and has influenced the emergence of big cement brands like the Gulf Cement Company and RAK Cements. RAK is the largest cement producer in the United Arab Emirates.

The emirate of Ras Al Khaimah has benchmarked its progress in the pharmaceutical sector. It owns the largest pharmaceutical manufacturing company of the Middle East and North Africa region – Gulf Pharmaceutical Industries LLC. It is also known as Julfar and it operates 13 major branches throughout the UAE and in KSA, Ethiopia and Bangladesh as well. The pharma sector of RAK has trade relations with more than 40 countries worldwide.

Apart from the key industrial sectors of cement and pharmaceuticals, the emirate of RAK is also famous for its agricultural output. Being one of the fastest-growing emirates, RAK’s domestic economy is burgeoning with huge business and job opportunities attracting global markets. The real-estate sector of RAK has witnessed rapid expansion due to emergence of big construction projects.

Apart from cement production, RAK also deals in the manufacturing and processing of other building materials and equipment as well. RAK has remarkably grown its manufacturing sector for heavy machineries, electronics and high end composite products. RAK encompasses a full-fledged services sector due to incorporation of various big players in the emirate. RAK is also famous for fisheries.

The Ras Al Khaimah International Airport is one of the significant airports of UAE as it mainly deals in air cargo services. Unlike the busy airports of Dubai and Abu Dhabi, the RAK international airport is a prominent channel in the Middle East and North Africa region for significant supply of goods and commodities rather than passengers. RAK’s aerospace and aviation sector is burgeoning with foreign trade opportunities and the emirate is successfully establishing itself as a regional trade hub.

Government has established regulatory authorities to promote and manage the economic development of the emirate. The RAK Free Trade Zone Authority embodies more than 8,600 companies representing more than 50 industrial sectors. The RAK Investment Authority (RAKIA) regulates the foreign investments as well as manages the economic zones. These authorities focus on improving RAK’s economy in order to attain prosperity and sustainability.

Ras Al Khaimah is home to various tourist attractions that have boosted its tourism sector on a large scale. The National Museum of Ras Al Khaimah, Iceland Waterpark, Saqr Park, Dhayah Fort, Al Qassimi Palace, Qalat Dhaya, etc. are the major tourist attractions apart from the decent public beaches in Ras Al Khaimah.

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