Profile:
Emirates: Ras Al-Khaimah
Emirates: Ras Al-Khaimah
A study in contrasts, Ras Al Khaimah (RAK) seems to have something for everyone: pristine beaches lined with bungalows on one hand, factories that produce the lion’s share of the region’s cement and pharmaceuticals on the other. Light-touch regulation, transparent bureaucracy and a flourishing free trade zone have drawn foreign investment and generated jobs for RAK’s growing population – estimated at 241,000 today but expected to more than triple by 2020, according to estimates from the Ministry of Economy. A strategically important city for more than seven millennia, RAK’s development in recent years has positioned it to become a major player in the region and beyond. Its strong transport links and central location are being developed to their full potential as RAK sets its sights on becoming a premier investment destination.
ISBN: 9781902339238
ISSN (Online): 1757-8922
ISSN (Print): 1757-8914
TABLE OF CONTENTS
COUNTRY PROFILE
This section provides a quick look at some facts about the country, its population, economy, natural resources, education system, religion, culture, language, climate and geography.
POLITICS
Sheikh Saqr bin Mohammad Al Qasimi, the ruler of Ras Al Khaimah (RAK), is the world’s second longest -serving monarch, after the king of Thailand. His 62-year reign has seen the transformation of RAK from a subsistence economy reliant on fishing and agriculture to a highly developed, globalised economy, with investments on several continents. The emirate’s pro-business leadership is helping to put it firmly on the world investment map through open economic policy that supports parallel social development. RAK Investment Authority (RAKIA), the government’s investment arm, has led the way with a full card of domestic and international investments, including notable developments in Georgia along the Black Sea coast and around the capital, Tbilisi. Responsibility for most of the government’s day-to-day business has been taken on by Sheikh Saqr’s son, Sheikh Saud bin Saqr Al Qasimi, the crown prince. Young and US-schooled, Sheikh Saud views education and economic development as central to the emirate’s future. Education and health care services are being rapidly modernised, with increasing involvement from overseas organisations and the private sector. The government is also working to improve its service delivery and accessibility to the public. Central to these efforts is an e-government service launched in 2004. Through the government’s e-portal, www.rak.ae, businesses and individuals can access information from various departments, search for a job or find potential employees, pay bills and fines, file complaints, view maps, and track and trace official transactions. As one of the seven members of the UAE, RAK plays an active and constructive role in formulating federal policy through its representatives in the Supreme Council and the Federal National Council (FNC). The UAE’s primary policy goal for some time has been improving the standard of living, a goal that RAK is pursuing through its emphasis on economic liberalisation, open trade and encouraging investment. In addition, RAK is playing a leading part in the UAE’s growing role as an international mediator and participating in its humanitarian relief activities. To that end, 2009 saw the launch of the Sheikh Saud bin Saqr Al Qasimi Public Policy Research Foundation, which aims to be a major policy research body focusing on supporting the social and economic development of RAK and the UAE.
This chapter includes interviews with Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of RAK; and Mikheil Saakashvili, President of Georgia
THE ECONOMY
To say that RAK sailed through the economic hurricane untouched would be untrue. However, unlike its hydrocarbon-rich neighbours, RAK’s diversified economy has helped stave off the worst of the global financial crisis. A breakdown by sector shows there is no dominant economic contributor: in 2008 the largest sector was government services, which contributed 15% to GDP, followed by wholesale, retail and repair services at 14%. Real estate and business services, construction, building and manufacturing each contributed 9%. Agriculture is also a major contributor, at 9%, thanks to large swathes of fertile land, kilometres of shoreline for fishing and abundant groundwater resources. Transport, meanwhile, accounts for 8%, followed by financial intermediation and crude oil, both at 7%, electricity, gas and water (4%) and hotels and restaurants (2%). “It is important to note that the government will continue to focus on strengths like manufacturing and industry, supported by abundant mineral resources and tourism, as well as RAK’s advantageous geographical position,” Sheikh Mohamed bin Kayed Al Qasimi, the vice-president of the Department of Economic Development, told OBG. In total, RAK Investment Authority (RAKIA) has attracted close to $2.5bn in investment. RAKIA and RAK Free Trade Zone (FTZ) are leading the way in bringing investment to the emirate by forging partnerships with international companies. Both offer free zones with light regulation, infrastructure and practical support, which serve to complement RAK’s low overheads and its location along a major shipping route. In recent years RAKIA has been broadening its activities, from encouraging and participating in investment in the emirate to investing abroad on behalf of RAK. Highlight projects include real estate and shipping developments in Georgia and a 50:50 joint venture between RAK Ceramics and the Trimex Group from India, which is planning a range of investments in the Indonesian province of East Kalimantan. According to the Chamber of Commerce the total number of existing companies registered at the end of December 2009 stood at 21,609, up from 19,697 in 2008 and 17,840 in 2007. Of the newly registered companies, 64% are trading companies with warehousing facilities, 26% offer consulting and other services, 7% are general trading firms and 3% are industrial. Companies from Asia make up 41% of the new registrations, followed by the EU, at 21%, the Middle East, at 13%, the rest of Europe, at 6%, and other countries, at 19%. Officials have said the free zone will start to focus its efforts on small- and medium-sized enterprises (SMEs) through the promotion of shared facilities. RAK has also been working hard to establish itself as an offshore services centre, with capital and assets increasingly being registered with RAKIA’s vehicle, RAK Offshore. The offshore authority, which was established in 2006, has seen steady growth due to a number of companies moving to the jurisdiction as well as a broadening in services offered.
This chapter includes an interview with Sheikh Faisal bin Saqr Al Qasimi, Chairman, RAK Finance Department and Chairman, RAK Free Trade Zone (RAK FTZ); Oussama El Omari, CEO and Director-General, RAK Free Trade Zone (RAK FTZ); Sheikh Mohamed bin Kayed Al Qasimi, Vice-President, Department of Economic Development (DED); and a viewpoint by Khater Massaad, CEO, RAK Investment Authority (RAKIA).
FINANCIAL SERVICES
Like other economies around the world, the financial services sector in RAK faced a challenging 2009. Nevertheless, the emirate’s leading financial institutions remained relatively unexposed to the credit turmoil by adopting solid risk management practices and a cautious approach. Furthermore, RAK’s diversified economy has allowed the emirate to have a positive cash flow in 2009. Strong investor response to the government’s $2bn sukuk programme, which had a preliminary issue of $27m in May 2008 and a heavily subscribed $400m issue in the summer of 2009, indicates the RAK government’s credibility among the international investor community is robust. For the greater UAE, a number of recent developments suggest that the banking sector is regaining confidence. These include an improvement in liquidity conditions, a fall in interbank rates, a recovery of deposits and lower lending rates. Further, conditions in the financial markets have also improved on the whole since the beginning of 2009. In RAK the focus in the banking and insurance sectors has been primarily on retail products for individuals. There are 36 branches of various banks in RAK, which translates to a ratio of 14.9 branches per 100,000 people, well below the average of 50 branches per 100,000 people in Europe. Penetration levels for insurance services are low as well, but rising: insurance premiums amounted to $40.85m in 2008 compared with $31.86m the previous year, marking a 28% increase. The bulk of the premiums came from car insurance, which is mandatory in the emirate, accounting for $20.7m in collected premiums. Fire policies were the next biggest item, accounting for $3m in overall premiums, which is mostly due to industrial firms and construction developments. Cargo and transport is the third-biggest segment, with $2.3m for 2008. Life insurance, which continues to have limited take-up, brought in $571,893 in 2008, or 161 policies out of a total of 50,874. With expatriates staying longer due to a burgeoning industrial sector in the emirate, there is growing interest in comprehensive wealth management and life insurance products. Compulsory health insurance is also expected to be introduced in the next few years. High demand for Islamic financial services has spurred established Islamic banks to set up shop in RAK. Major regional players such as Abu Dhabi Islamic Bank, Dubai Bank, Dubai Islamic Bank (DIB), and Noor Islamic Bank have active branches based in RAK, and home-grown National Bank of RAK received a licence from the UAE Central Bank to offer sharia-compliant services in 2007. DIB has been especially active in RAK, opening a fourth branch in the emirate in late 2009 and becoming the official escrow agent for real estate deals via an agreement with RAK Investment Authority. In addition, business financing is expected to perk up in the coming years in tandem with a recent upswing in foreign investment. RAK’s free zones and industrial zones have been a magnet for investors despite the international financial crisis, and are a key part of plans to diversify the economy.
This chapter includes an interview with Sheikh Omar bin Saqr Al Qasimi, Chairman, RAKBANK and Gulf Cement, and Chief of Private Affairs for Sheikh Saqr bin Mohammad Al Qasimi, Ruler of RAK; Graham Honeybill, General Manager, RAKBANK; and includes a viewpoint by Farouk Soussa, Head of Middle East Government Ratings, Standard & Poor’s, on RAK’s current economic outlook.
TRANSPORT
Centuries of maritime tradition are reflected in RAK’S rise as one of the Gulf’s foremost shipping centres. The emirate’s ports are in the midst of expansion to service a rapidly growing economy. Inland, meanwhile, improvements to the road network keep pace with an increase in vehicle ownership, with a developing public transport system improving internal and external connectivity. There are also plans under way for the expansion of RAK’s airport, with a focus on linking the Northern Emirates to the world. While the road infrastructure is generally very good, a range of construction and improvement projects are under way to help support the emirate’s development. Of particular concern is reducing traffic through the city centre, where cars compete for space with heavy goods vehicles (HGVs). Many HGVs currently transit through the centre from the industrial and quarrying areas in the north of RAK to the rest of the country, clogging roads, damaging road surfaces and increasing the risk of accidents. Therefore, perhaps the most important project under way is the $272.33m RAK ring road, which will divert HGVs around the city and link RAK’s main arteries with the broader federal system. The first phase is expected to be complete in 2010, followed by the second in 2015 and the final phase in 2020. Parallel to highway development, the planned Union Railway will link the emirates by rail for the first time. The 1300-km network will connect the Saudi border with Abu Dhabi in the west to Fujairah on the Gulf of Oman in the east via Dubai, with a mainline connection to the Northern Emirates, including RAK. Construction is expected to start by the end of 2010, according to local press reports. The $8bn project will link with a wider GCC rail network, and thence railways under development in the Levant and beyond. Representing a seismic shift in land transportation in the region, the Union Railway is designed to improve internal and international connectivity, particularly for freight transportation, as well as relieve pressure on roads and the environment. Therefore, the initial focus is expected to be on linking ports and industrial areas, to the benefit of RAK, which has an economy driven by both. RAK’s economy depends heavily on the shipment of rocks and aggregates. As such, it is important to assure that the port system is prepared to meet the demands of the industrial sector. Almost all shipping sector authorities OBG spoke to agreed that RAK’s four ports – Saqr, Al Jeer, RAK Khour, and Al Jazeera Al Hamra – complement rather than compete with one another because each has its own specialist focus. Despite the global economic situation, all performed well in 2009 and are looking forward to expansion over the coming years. RAK’s air facilities had a mixed 2009. While traffic dipped, a range of new facilities opened, with more due to come on-stream in 2010, in preparation for long-term growth. The Middle East is expected to see strong long-term traffic growth, with revenue passenger km (RPKs) forecast to increase at a CAGR of 6.6% between 2008 and 2028, according to Boeing figures. RAK Airport has a strong location advantage, with sea and air links operating without the congestion, holding patterns or slot issues that plague other airports in the region. Pricing is also an issue, with RAK “positioned as a low-cost airport with very competitive tariffs directly contributing to airlines’ bottom line”, according to its business development plan. The airport’s growth is expected to go hand-in-hand with that of RAK’s tourism industry, with the emirate’s ambitions to increase visitor footfall to 2.5m by 2012 likely to bring about more flights.
This chapter includes an interview with Sheikh Salem bin Sultan Al Qasimi, Chairman, Department of Civil Aviation, and Vice-Chairman, RAK Airways; and Sheikh Ahmed bin Saqr Al Qasimi, Chairman, RAK Customs and Ports Department.
TOURISM
RAK boasts a unique archaeological and historical heritage, formed over thousands of years by nomadic and indigenous Arab groups and seafaring traders. The nomadic Bedouin who still inhabit some of the expanses of undeveloped mountain and desert terrain have helped preserve the local character that has made RAK a cult tourism destination among a select crowd. The level of services and quality of RAK’s resorts is comparable to those found in the other emirates, yet prices remain competitive thanks to a supply squeeze: occupancy levels through 2008 hovered between 90-95%. RAK’s Tourism authority is working to improve RAK’s name recognition without generating a crush of mass tourism that could jeopardise the assets which make RAK unique. For this reason, the emirate has taken a measured approach towards developing its tourism offering, with environmental concerns playing a prominent role. RAK Tourism officials are aiming to increase tourist arrivals to 2.5m by 2012 by leveraging the emirate’s cultural heritage and natural landscape. In a bid to reach this target, the emirate has plans for adding some 3700 rooms over the coming years, trebling the current supply. An estimated $5bn worth of projects are currently planned or under way and it appears that despite the global slowdown, projects are expected to be delivered on time. However, the business slowdown experienced elsewhere during the economic crisis has made RAK Tourism more cautious, causing them to relax the pace of their decisions on fresh ideas and new projects, officials said. Private tourism specialists have set up shop in the emirate, seeking to explore new areas of growth. Hamra Hotels & Resorts is looking to alternative markets, noting that business over the past 10 years stemmed mainly from certain local markets and specific countries in Europe. In order to fill more room nights in the face of the worldwide slowdown, the group is seeking to tap new, emerging markets that have been neglected by other operators. These include countries where the populations face visa restrictions in areas such as Europe but also have growing disposable income, such as Nigeria, Turkmenistan, Kyrgyzstan, Kazakhstan and others belonging to the Commonwealth of Independent States. Ecotourism is viewed as a viable way forward, as related activities have a low environmental impact and can help further the economic development of local communities.
CONSTRUCTION & REAL ESTATE
Construction and building is among the most important economic sectors in the emirate, accounting for around 9% of GDP in 2008, about the same share as in 2007, when it stood at 9.4%, according to the Department of Economic Development. Construction increased in 2008 in terms of gross fixed capital formation, registering $86.6m compared with $77.34m in 2007. The number of building permits issued by RAK Municipality also continued to grow, reaching 3925 in 2008 compared with 3532 in 2007 and 3036 in 2006. Some larger mixed-use projects have had to be scaled back or placed under review, but many flagship projects still forge ahead. Indeed, Rakeen, a leading developer in RAK, is moving ahead with Al Marjan Island, which will be developed over 2.7m sq metres of reclaimed land that will extend some 4.5 km into the sea. Rakeen is also investing overseas, notably in Georgia, where it has three mixed-use projects in the capital, Tbilisi, amounting to an investment of some $2bn. Other notable projects include Bab Al Bahr, a $272.33m flagship project on Al Marjan Island off the coast of the emirate that will host residential developments, hotels, resorts, recreational facilities, commercial and retail units; and Mina Al Arab, a residential, retail and tourism development that will occupy a 2.8m-sq-metre area and spread along a 9-km stretch of beach. Furthermore, a raft of hotels and tourist facilities have been either completed or are under construction as RAK has capitalised on the huge potential generated by some of the best seafront locations for hotel operators in the region. The emirate has set itself a target of attracting 2m tourists a year by 2012 and has plans for adding approximately 3700 rooms over the coming years, trebling current supply. On a bullish note, RAKIA said its property developments, including tourism projects, worth some $3.27bn, are on track and under either planning or construction phases. The total value for property development projects under way in RAK reached $1.36bn, while $1.9bn represents investments abroad such as a free industrial zone in Georgia. Developers such as Rakeen have also enacted green building codes in all of its developments. The new code, apart from incorporating environmentally friendly initiatives, will reduce power consumption by almost 45-50%, the developer said. This is welcome news in an area where infrastructure development has not always kept up with demand. To that end, infrastructure investment is expected to be one of the most active areas in coming years. There has already been increased government spending on roads, ports, airports, power generation, desalination, manufacturing and industrial zones. The federal government has allocated a budget of $4.36bn for infrastructure projects and RAK is set to receive a substantial allocation of these funds for local upgrades. There is substantial construction work ahead for the RAK International Airport, which is angling to corner more of the passenger and cargo business within the UAE. The national carrier, RAK Airways, has already invested more than $27.23m in infrastructure development. In addition, to meet energy demands, the UAE is expected to award contracts estimated to be worth $40.03bn to build several reactors. Looking beyond the large-scale projects, considerable effort is also being directed towards the public sector and social infrastructure, such as new schools, hospitals and services.
In the real estate sector, financing has dried up considerably and banks are mostly only lending to projects that are already under way. However, the mortgage market is starting to see some life in the emirate as more banks, such as HSBC, RAK Bank and Noor Islamic Bank, have started lending again, albeit on a fairly restrictive basis, according to real estate agents. Mortgage interest rates average approximately 7-7.5%. Despite promising signs, however, the market suffers from some structural inefficiencies that could hamper growth. According to some real estate agents, different brokers list the same property at different prices and do not work on an exclusive basis. Approximately 80% of properties are shared by brokers, which makes the market artificially down as buyers assume there is an oversupply, not realising the properties are the same, an agent told OBG.This chapter includes an interview with Naser Bustami, Group General Manager, Stevin Rock and RAK Rock Company.
INDUSTRY & RETAIL
The industrial heartland of the Northern Emirates, RAK benefits from its central location, long coastline and large areas of open land, while its limestone deposits make it a natural centre for the regional cement industry. Without the sizeable hydrocarbons reserves of some of its neighbours, RAK has focused on attracting export-oriented investment, offering an open business climate and infrastructure. It is now a regional industrial centre, with leading companies involved in various segments, including cement, pharmaceuticals, quarrying and steel, not to mention the flagship ceramics industry. These industries, relatively unaffected by the global downturn, are building on their advantages and expanding beyond the UAE. RAKIA is one of the most important drivers of industrial development in the emirate. Since its launch in 2005, it has offered a wide and growing range of services to investors wishing to establish in RAK, through both free zones and industrial zones. RAKIA and RAK FTZ have been responsible for both enhancing and publicising the emirate’s competitive advantages for industries, among which are financial benefits. Within the free zones, RAK has 100% income and corporate tax exemptions, no foreign exchange controls, the right to 100% capital and profit repatriation, and a fully convertible currency. On the regulatory side, firms are allowed 100% asset ownership inside the free zones and enjoy exemptions from trade barriers, quotas and restrictions on the hiring of expatriates. Labour legislation is liberal, and licensing and trade procedures are streamlined. One persistent issue in the industrial sector has been the lack of an adequate supply of energy. However, the UAE as a whole is moving towards boosting supply and energy cooperation through a number of initiatives, including the newly formed Emirates Nuclear Energy Corporation (ENEC). At the time of research, ENEC told OBG it was in the advanced stages of assessing several potential sites across the country. Actual construction is expected to start in 2012, and the nuclear power plants could begin producing electricity in 2017. In addition to boosting power supply, the plants will provide a fillip for the emirate’s cement producers, which have seen a fall in demand for cement since the crisis hit. Cement makes up 15% of high-density concrete used in construction of nuclear power plants.
Driven by the growing wealth and increasing sophistication of its consumer base, RAK’s retail sector is moving into high gear. Retail spending in RAK averages $2300 per person per year and has grown steadily at around 5-8% annually, according to Benoy Kurien, the manager of Manar Mall. Most retailers reported that they were relatively unaffected by the UAE’s economic downturn in 2009, with higher average spending making up for lower footfalls. Emiratis do not tend to see a mall as a place merely to shop, but as a place where they can meet, relax, entertain guests and children, and even do business. They also expect a wide range of services, including bill paying as well as shopping, eating and watching films. This shopping culture means malls with diverse brand offerings, strong anchor stores and ample leisure space tend to perform well.
This chapter includes an interview with Yousef Obaid bin Easa Al Neaimi, Chairman, RAK Chamber of Commerce & Industry; and Dr Ayman Sahli, General Manager, Gulf Pharmaceutical Industries (Julphar)
ENERGY
A wide range of power projects are coming on-stream to supply the burgeoning economy and relieve energy shortages that became political talking points in 2008 and 2009. Demand is certain to rise further in the coming years, as new companies set up in the emirate and the population and economy continue to expand. In 2009 alone, RAKIA signed up over 800 new firms, while RAK Ceramics, despite the economic downturn, boosted output by 10%. To address this, a very clear road map has now been laid out for the development of diversified power sources over the next decade at both emirate and federal levels, involving gas, coal, nuclear and, potentially, an innovative and home-grown renewables segment. RAK’s two hydrocarbons companies, RAK Petroleum and RAK Gas, are pushing forward with investments to boost output and capacity while looking overseas for new opportunities. RAK Gas has acquired shares in a number of blocks in Africa, two each in Tanzania and Somalia, and one each in Madagascar, the Seychelles and Kenya. The aim of these investments – all but one a minority stake – is to diversify the firm’s holdings while promoting supply security for customers. Despite its somewhat limited domestic crude supplies, RAK is an increasingly important player in the regional oil industry after a particularly successful 2009. The emirate has reserves of 400m barrels of oil and condensate, according to the federal government, a small but not insignificant proportion of the UAE’s estimated 100bn barrels. The oil sector is dominated by RAK Petroleum, which also has substantial upstream gas interests. Founded in 2005, it is owned by a range of public enterprises and individuals in the UAE and Saudi Arabia, and is based in RAK FTZ. While both RAK Gas and RAK Petroleum are inevitably vulnerable to fluctuations in hydrocarbons prices and price setting in the region, they are well capitalised and well run, and therefore strategically positioned to increase their regional and global roles while supporting RAK’s economy. In keeping with global trends, sustainability is a popular concern, and RAK is home to one of the world’s most innovative renewable energy schemes. The joint Swiss Centre for Electronics and Microtechnology (CSEM) and UAE project is experimenting with “solar islands”, which use extra flat concentrators (EFCs), mirrors that focus the light of the sun and produce highly pressurised vapour for power generation. Floating the EFC panels allows them to be shifted to follow the sun’s path more easily, while avoiding the high wind resistance (and therefore station downtime) caused by vertical panelling. CSEM claims that solar islands produce power at a fifth of the cost per KWh of rival systems, due to the simple cell technology, the lack of precision mechanics for rotating the panels, and their relative space-efficiency, which allows up to 95% of the surface area to be active.
EDUCATION & HEALTH
With increasing private and international participation and a huge boost in resources coming on-stream, change is afoot in RAK’s education sector. Education is seen as the key to the emirate’s development, particularly as the government pushes forward with economic diversification efforts that focus on the growth of high-skilled industries and services. There had previously been concerns that the UAE’s education system had not kept pace with its rapid economic expansion, but in recent years the federal government, the individual emirates and the private sector have combined efforts to build education infrastructure. The federal government is backing up the process of reform and modernisation with substantial investment. The 2010 budget allocates 41% of revenues to education, health care and social affairs, with the Ministry of Education and the Ministry of Higher Education together allotted some $2.69bn. RAK’s rapid upgrade of its educational infrastructure has entailed the involvement of a wide range of international institutions, through partnerships and the establishment of campuses in RAK. Competition among higher education establishments is rising, to the emirate’s and students’ benefit, and the choice and quality of programmes on offer is increasing. Further international participation is expected, with many newcomers looking to capitalise on partnerships with RAKIA and RAK FTZ.
With new hospitals and clinics opening, a prevention-based health policy under development and a growing market, RAK’s health care system is expanding rapidly. Capacity, both physical and technical, is increasing, and the opening of RAK Medical & Health Sciences University is helping to improve the size and skill set of the local medical workforce and encouraging innovation. Perhaps the single biggest challenge will be tackling the problem of non-communicable diseases, and the emirate is already making substantial progress in improving public awareness and preventative care. Outreach of health services should continue to develop, bringing in private players in many cases. As in the education sector, the success of private operators in health care development is likely to see private sector involvement increase. This process would be accelerated by the spread of insurance. Universal coverage is expected in the near future and will help improve the sector’s efficiency, as well as its breadth, while easing cost burdens on stakeholders.
In this chapter OBG talks to Humaid Mohammed Obaid Al Qutami, the minister of health, and Sheikh Nahayah Mabarak Al Nahayan, the minister of higher education and scientific research.
THE BUSINESS GUIDE
In cooperation with Bin Shabib and Associates, this chapter delves into the legal environment in the emirate and explains the new laws that are making RAK a more favourable business environment, encouraging local and foreign investment.
Featured in this chapter is an interview with Rashid Ahmed bin Shabib, Founding Partner, Bin Shabib and Associates.
THE GUIDE
The guide features three articles on the historic significance of RAK and the region as a whole, providing a geopolitical account of the emirate throughout civilisation, the accounts of Arab seafarer Ahman bin Majid and a description of the antiquities and heritage sites spread across RAK. The guide also includes a comprehensive directory of RAK's top hotels and provides contact information for government offices, public institutions, foreign missions, law offices, accountancy firms, airlines, car rentals, hospitals and media outlets. A facts-for-visitors section offers useful tips for business travellers on topics such as etiquette, currency, visas, language, communication, dress, business hours and electricity.
