Incredible economy of Ras Al Khaimah
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Being the fourth-largest emirate, RAK is mainly divided into two parts- the old town of RAK and the eastern part known as Muairid. RAK encompasses several economically active places- Al Jazeerah Al Hamra, Digdagah, Khatt and Masafi. Boosted by the establishment of free economic zones, Ras Al Khaimah has been witnessing a wide expansion in its economy attracting foreign investments.
The cement production in RAK has experienced higher growth trajectory and it is the largest cement producer in the UAE. RAK owns the largest pharmaceutical manufacturing company of the Middle East and North Africa region – Gulf Pharmaceutical Industries LLC. It 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 agriculture and fisheries. Its real-estate sector has witnessed rapid expansion due to emergence of big construction projects. It deals in the manufacturing and processing of building materials and equipment as well.
It 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 global players in 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. These authorities focus to improve RAK’s economy in order to attain prosperity and sustainability.