TBY RELEASES THE BUSINESS YEAR: RAS AL KHAIMAH 2018

Ras Al Khaimah, August 2018—TBY is pleased to announce the launch of its second ever comprehensive analysis on the economy of Ras Al Khaimah, produced in partnership with the Ras Al Khaimah Department of Economic Development (RAK DED) and the Ras Al Khaimah Media Office (RAKMO).

The publication will showcase the wide-ranging developments made throughout the year in every sector of the Emirate's economy.

In 2018, with the commemorative events in honor of the “Year of Zayed” in full swing, the already buoyant mood in Ras Al Khaimah soared even higher. The UAE organized a series of events to mark the 100th anniversary of the birth of Sheikh Zayed Al Nahyan, who played a critical role in the foundation of the country.

Thanks to its international airport, ports, free zones, and efficient highway network, Ras Al Khaimah is an attractive proposition for investors. Relatively cheap utilities and human resources also lower operational costs, making Ras Al Khaimah a more cost-effective alternative to some of its fellow Emirates. While manufacturing accounts of one-third of the GDP, the Emirate is boosting its tourism potential thanks to its mountainous landscape and pristine beaches. Moreover, stability and sound economic policies are two key features that make Ras Al Khaimah an important destination for investors looking to set up shop in the UAE. In addition, in 2018, S&P and Fitch affirmed their positive 'A' sovereign credit rating for the country.

The Business Year: Ras Al Khaimah 2018 is opened by a foreword from Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, on the Emirate's ambitions to diversify its economy and key initiatives that will drive development over the next decade. It will be followed by exclusive interviews with Abdulrhman Al Shayeb Al Naqbi, Director General of RAK DED; Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ; Peter England, CEO of RAKBANK; Abdallah Massaad, Group CEO of RAK Ceramics; and Haitham Mattar, CEO of the Ras Al Khaimah Tourism Development Authority (RAK TDA); among others.

“We were never truly reliant on the oil or carbon industry. We have always had to rely on being innovative and attracting a healthy balance between SMEs and industrialists,” outlined Ramy Jallad, Group CEO of RAKEZ. “While the manufacturing sector will still be a major source of economic development and diversification, Ras Al Khaimah's economic strategy is still to emphasize the importance of other sectors. For example, tourism is increasingly becoming more important and is expected to be a major source of growth in the medium-term,” added Abdulrhman Al Shayeb Al Naqbi, Director General of RAK DED.
These efforts are brought to light in TBY's extensive sector-by-sector coverage of the Emirate. The publication includes an infographic focusing on the growing infrastructure for adventure tourism, including the opening of the longest zipline in the world. In 2017, the overall number of tourists grew by 19%, while hotel occupancy is up by 3.5% with an average occupancy rate of 73.6%. “We have a stronger ground to showcase Ras Al Khaimah as the future hub of adventure tourism. That involves not only focusing on adventures but also wellness seekers and people who want to connect with culture, heritage, and history,” said Haitham Mattar, CEO of RAK TDA.

Moreover, the publication will highlight the Emirate's efforts in further developing its green economy with a new renewable energy and efficiency plan, its plans to revive the hydrocarbons sector, the enhancements of ports facilities, and the expanding opportunities in the real estate sector.

Ayse Valentin, CEO of TBY, commented, “The Business Year: Ras Al Khaimah 2018 embodies our long-term commitment to continue communicating the opportunities and challenges of the Emirate's economy and its businesses. The stable outlook and growth of Ras Al Khaimah's economy is testament to a visionary governance of Sheikh Saud bin Saqr Al Qasimi. We are thrilled to launch this publication, with details of the latest and greatest business developments in Ras Al Khaimah.”
Heba Fatani, Executive Director of the RAK Media Office, said:

“Making informed, evidence-based decisions is critical for investors. That is why the Government of Ras Al Khaimah works with trusted partners like The Business Year to provide up-to-date, comprehensive insights and data that help to educate and inform investor audiences across the world. With this snapshot of the business landscape in the Emirate we can showcase the significant opportunities across key growth sectors and industries and help deliver on the vision of His Highness Sheikh Saud bin Saqr Al Qasimi to further develop the economy of Ras Al Khaimah.”