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Report | The Report: Ras Al Khaimah 2015

With more limited hydrocarbons reserves compared to its UAE neighbours to the south, RAK has developed into an industrial hub thanks to its dynamic network of industrial free trade zones. Considerable natural resources feed the country’s thriving cement and ceramics industries while elsewhere the emirate is looking to leverage its varied landscapes in a bid to boost tourism revenues in line with general economic diversification targets.

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Chapter | Tourism from The Report: Ras Al Khaimah 2015

Revenues for RAK’s tourism sector rose 44% in 2014 and the total number of overnight stays by guests grew by 72% to reach 2.14m.The tourism sector is estimated to support 307,000 jobs across the UAE, or 5.4% of total employment, which is expected to rise by 5.4% in 2015 and 2.6% per annum until 2025. Developers hope to see the area grow substantially in the next few years as the mixed development of holiday homes, restaurants, marinas and numerous hotels will make a significant contribution to the economy and change the shape of the hospitality sector.

Chapter | Education from The Report: Ras Al Khaimah 2015

Moves towards the development of a knowledge-based economy have begun in RAK as the emirate implements education reforms and student enrichment initiatives get under way. The Ministry of Education’s mid-range policy for the 2015-21 period targets knowledge integration in industries related to science, technology, engineering and mathematics. Meanwhile, with the federal goal of meeting 15% of total energy demand via renewable sources by 2030, RAK’s research institutions are increasingly involved in launching their own renewable energy projects.

Chapter | Health from The Report: Ras Al Khaimah 2015

Investment in both private and public health care facilities has been on the rise over the past decade in RAK, with the health care sector expected to undergo a sustained period of major growth. Demand for new services is rising rapidly as RAK, like the rest of the UAE, witnesses an increasing incidence of lifestyle-related diseases. The government has increasingly targeted private health care provision as a strategy to improve patient outcomes. The inauguration of the Sheikh Khalifa Specialty Hospital (SKSH) in February 2015 was a major step in the development of the sector in that regard. This chapter contains an interview with Dr. Myung-Whun Sung, CEO, Sheikh Khalifa Specialty Hospital.

Chapter | Energy from The Report: Ras Al Khaimah 2015

The energy mix in RAK is currently led by government-owned operators RAK Petroleum and RAK Gas, both of which are involved in exploration and operation activities internationally. The fall in global oil prices in mid-2014 is already being felt in RAK, with RAK Petroleum recording its first year of losses since 2007 in 2014. Despite this, falling oil prices are set to benefit RAK Gas’s major industrial customers and should improve the availability of affordable fuel necessary for ongoing industrial expansion. With population and business growth set to boost demand for energy in the emirate, the government has started pursuing renewable power options, with a number of international players putting forward bids for tenders to build desalinisation plants and develop renewable power capacity in the emirate. This chapter contains an interview with Richard Menezes, Managing Director, UTICO.

Chapter | Transport from The Report: Ras Al Khaimah 2015

RAK’s location on the Strait of Hormuz, its well-developed infrastructure, and the free trade agreements in place within the GCC are some of the key logistical advantages offered to businesses located in the emirate. RAK boasts five ports, each with a clearly defined role, and all of them branded as RAK Ports and managed by the Saqr Port Authority. The 1200-km Etihad Rail Project is being built across the UAE in three stages and will eventually transport both freight and passengers, as well as provide rail links to the proposed GCC network. This chapter contains an interview with Cliff Brand, General Manager, RAK Ports Group.

Chapter | Construction & Real Estate from The Report: Ras Al Khaimah 2015

Construction remains a key sector in RAK, with the industry driven by a combination of infrastructure, housing and hospitality schemes. The emirate’s role in providing raw materials and manufactured components for mega projects in the UAE and beyond looks set to continue as the region builds up to major events such as the 2022 FIFA World Cup. Strong demand continues to drive new residential development across the emirate, particularly in the case of seaside residential developments. New mortgage regulations introduced by the Central Bank of the UAE and the launch of the federal Al Etihad Credit Bureau are factors expected to reduce risk for lenders moving forward. This chapter contains an interview with Abdullah Rashed Al Abdooli, Managing Director, Al Marjan Island.