• Economic News Updates

    Economic News Updates

    For each market we cover, OBG produces regular economic research available on our website, by email subscription and via RSS feed. Free to access, our Economic Updates are targeted at those looking for regular comment on key sector developments.

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RAK FTZ

Ras Al Khaimah Free Trade Zone (RAK FTZ) is in the midst of a major expansion, which will see a host of new infrastructure, tenants and specialised facilities spring up in the coming years.

RAK tourism

Ras Al Khaimah saw its tourism industry hit a high note in 2014, with revenues surpassing Dh1bn ($242.9m), bolstered by the addition of new rooms and a rise in the number of hotel nights spent by visitors in the emirate. 

A renewed focus on developing the tourism and industrial sectors has driven a construction boom in Ras Al Khaimah (RAK) and led to the development of a host of industrial, residential, commercial and retail spaces. To support this growth, the government has at the same time invested in basic electricity, water and sewer networks.

Plans to introduce compulsory health insurance in Ras Al Khaimah (RAK) are expected to usher in a wave of new private sector investment, a response to a forecast rise in demand for specialised services. To do so, the emirate is also stepping up efforts to attract and retain trained staff in an increasingly competitive market.

The economy of Ras Al Khaimah (RAK) has continued to expand, and while final year-end 2012 figures for growth have yet to be released, officials say they are confident that the forecast 8% increase in GDP – the same rate as in 2011 – will be have been achieved in the emirate.

With demand for cement in Ras Al Khaimah (RAK) poised to rise and regional projects already driving up exports, there are signs that the industry could be turning a corner.