In the year 1971 the new state in the Arab world was established - the union of independent Arab principalities – the United Arab Emirates. Within relatively short period of time the country turned into economically developed and prosperous country. The structure of the UAE consists of seven emirates, each of them became attractive for millions of tourists. One of the main attractions are the unique and large-scale tourism and other projects implemented in Dubai. However, the focus of attention of foreign visitors recently has also been the Emirate of Ras Al Khaimah, described in detail below.
Ras Al Khaimah - economic takeoff
Ras Al Khaimah is located in the far north of the country and for the past few years has been actively developing as commercial and industrial regional center. Annual growth of economic indicators of the Emirate is around 9-10 percent.
If relatively recently even the most hard-bitten travelers and tourists knew nothing about Ras Al Khaimah, nowadays this small, but very beautiful emirate is known for those who visited the UAE or expressed interest in that country. First, this is associated with growth and acknowledgement of tourist and economic authority of the Emirate witnessed in recent years, and with a number of transformations that have had an impact on virtually all economic sectors.
Underlying reasons of economic stability and growth
If we consider strategic prerequisite of rapid economic development of the Emirate, it is worth noting that the main positive factor is good geographical location. Ras Al Khaimah is located just an hour drive from the modern Dubai metropolis and therefore has access to international transport hub - Dubai airport. Such location ensures easy and quick access to many target regions all over the world for businessmen and investors.
Strategic benefits of the Emirate have their roots in ancient times of the Arabian Peninsula. It is well-known that may ancient major international trade routes went through the territory of the Emirate. Therefore current international investors choose the Emirate Ras Al Khaimah for commercial operations not only in the Middle East, but in other emerging markets in East Africa and South Asia.
Overseas businessmen have an opportunity to fully appreciate geographical advantages of the Emirate and utilize them with maximum productivity. In recent years, with increasing frequency it is associated as the link between the West and Asia.
Other aspects of economic attractiveness
According to international experts, there are several additional factors that enhance economic attractiveness of the Emirate; first, maximum safety and reliability, taking into account relatively volatile international political situation in the Middle East, UAE constitute a stronghold of reliability and safety. This fact is very important and is another strong argument for choosing this investment jurisdiction.
Economic and political stability of the Emirate of Ras Al Khaimah is evidenced by high ratings prepared by Fitch and Standard & Poor's international agencies, that assigned thereto category "A".
Other factors enhancing the attractiveness include local infrastructure, which is constantly being developed and improved. It is well-known that essential condition for doing business is good infrastructure. Ras Al Khaimah is ready to offer to businessmen state-of-the-art infrastructure, including ultra-modern highways, international airports and shipping ports.
It is important to note active development of social infrastructure of the Emirate. Today it is fully consistent with highest international standards. In addition, there are excellent residential complexes, modern medical and educational institutions, sports and wellness center, entertainment and shopping complexes here. All benefits of modern civilization are offered to visitors and local residents at reasonable and competitive prices.
The cost of living and doing business in Ras Al Khaimah is slightly lower than average costs across the country, and for modern businessman it is essential aspect. Nowadays, the economy of Ras Al Khaimah has high ratings and is based on industry, services, tourism and trade.
Interesting figures:
More than 15 thousand overseas companies have been incorporated in Ras Al Khaimah. The volume of foreign investment since 2000 has exceeded 15 billion dirhams. There are more than 150 active large industrial companies with total investment volume over 5 billion dirhams.
Private sector – as the key driver of economy
Due to full-range support from the state, private economic sector has taken a leading position in the economy. First, it includes companies specializing in various economic sectors. For example, local producers of ceramic tiles are major players on relevant international market and are well-known all over the world. Furthermore, it constitutes significant export line of the Emirate.
Annual increase in economic performance of Ras Al Khaimah is observed in various industries. There has been a significantly increase in gross domestic product with respect to service sector, manufacturing sector and tourism industry. All this is accompanied by strong growth in per capita income and increase in volume of foreign trade, level of education and life, health development and construction of social facilities.
In summary, it should be stated that the Emirate of Ras Al Khaimah has taken the line of enhanced economic growth, that constitutes the main factor of attractiveness of the Emirate for foreign businessmen and investors.
