Ras Al Khaimah’s economy has consistently demonstrated stability and resilience. As of 2023, the Emirate’s GDP stands at approximately USD 12 billion, with a per capita GDP of USD 30,870. This robust growth is a testament to the Emirate’s strategic location, diverse economy, and innovative business environment, all of which have contributed to its economic stability.
Several vital sectors are contributing to Ras Al Khaimah’s GDP growth, including:
Manufacturing: The Emirate’s manufacturing sector has grown significantly, driven by its diverse industries, including ceramics, pharmaceuticals, and manufacturing. The sector continues its growth trajectory, driven by new investments and projects.
Tourism: Ras Al Khaimah’s tourism sector has experienced strong growth, driven by its unique attractions and world-class hotels. The Emirate is home to several luxury beachfront hotels, which will continue to grow as a tourist destination.
Construction: The construction sector has been active in the last few years due to the growing infrastructural needs of Ras Al Khaimah and the other Emirates. The industry will continue to perform firmly shortly due to governmental funding for projects and policies to allow greater freedom and flexibility on land-related rights/ownership of real estate.
Services: The growth of the services sector in Ras Al Khaimah is due to the rise of tourism, with fallout benefits to the rest of the hospitality sector. The Emirate is home to some of the most picturesque locations in the UAE, leading to many foreign tourists.
Government Services: Government services significantly contribute to Ras Al Khaimah’s GDP, accounting for 18.2%.
Ras Al Khaimah’s GDP is expected to continue its upward trajectory, driven by its strong economic fundamentals, strategic location, and innovative business environment. The Emirate’s diverse economy, encompassing manufacturing, tourism, construction, and services, is projected to remain a major driver of growth. With its unique attractions and business opportunities, Ras Al Khaimah is a vibrant economic hub in the region, offering a promising outlook for the future.