Phenomenal growth of the United Arab Emirates has been the subject of attention of international experts for a long time and the pride of Arab people, who have managed within relatively short period of time to establish a strong country. Such optimistic economic performance figures, as compared to financial turbulences across the world, have been possible due to competent public policy, designated to unite independent Arab emirates.
One of Emirates that implemented successful model of economic development is Ras Al Khaimah. The support of this model is ensured by the country, foreign investments, goods industry and tourism industry.
Ras Al Khaimah is a place with perfect climate, variety of landscapes, flowering gardens, sandy coastline and breathtaking mountains.
Ras Al Khaimah - the pride of the UAE
The Emirate Ras Al Khaimah is unambiguously called the most ambitious, constantly surprising foreign visitors and businessmen. Many international financial analysts acknowledge that it is currently the most favorable Emirate for international business in the UAE.
Statistics show that in recent years there has been significant increase in the number of issued commercial licenses, proving inflow of foreign investments, and, consequently, economic growth of this region. To increase business attractiveness, government programs are being implemented for development of international air operations.
Recently the Emirate Ras Al Khaimah has been some kind of Northern frontier of the country, nowadays it is modern business center of international scale, and a tourist center, which can provide visitors with maximum comfort and safety. The price level here is lower than national average price, that is especially important factor for cost of living.
The Emirate Ras Al Khaimah plays central role in enhancement of progress, promotion of country’s role on international level and welfare of people. The policy of this administrative unit is designed to establish and strengthen relationships with other countries both on governmental and commercial levels.
Economic growth and current trends
Development of the Emirate Ras Al Khaimah is triggered by well-developed transport infrastructure, including modern highways, shipping ports and international airports. So far, the main strategic objective of the region is creation of investment friendly platform that may be facilitated by well-developed infrastructure and challenging projects in the field of tourism, industry and real property development.
The Emirate Ras Al Khaimah is undoubtedly characterized by security and stability of the economic situation. The combination of many vital criteria, such as excellent climatic conditions, stable legal framework, protection of property rights by federal laws, relatively low cost of living, open access to local and regional markets, provide modern businessmen favorable conditions for life and business.
Furthermore, Ras Al Khaimah is gaining more popularity in different types of industries: construction materials production, pharmaceuticals, steel and glass, etc., being very good for doing business and launching various projects.
Some current trends for further economic growth of the region of Ras Al Khaimah are as follows:
- Rapid increase in the number of licenses issued by the business;
- Implementation of major infrastructure projects;
- Affordable price and broad range of residential and commercial real estate;
- Growth of performance of exports and imports;
- Significant GDP growth;
- Availability of wide range of companies specializing in various business activities in local market;
- Stable and clear legal framework for foreign investors and business.
The authority of the Emirate in the role of global economic player increases in proportion to economic growth. It is not a secret that Ras Al Khaimah in terms of international business and modern infrastructure is as competitive as its famous neighbors, e.g. Dubai. Constantly increasing number of large transnational corporations and holdings consider business climate of region favorable for international business.
The Emirate is a home for hundreds of large industrial companies, total investment volume of which exceeds billions of dirhams. Total volume of foreign investments into the economy of the region of Ras Al Khaimah has exceeded 10 billion dirhams since 2000.
Furthermore, favorable tax and customs climate of the jurisdiction should be mentioned. Companies, that carry out their operations in the Emirate, are fully exempted from payment of corporate taxes and enjoy significant customs benefits. Moreover, individuals are also exempt from tax payments, including income tax and real estate income tax when renting or selling property.
If you are interested in operating business in most favorable conditions, please refer to our “contact us” section and send us a message. Our extensive experience and practice in the local market of UAE will be the greatest support for your business. We will help you bring your business to absolutely new level.
