RAK Economy

MEET THE RAK ECONOMY

A stable rock in a changing world

IN A NUTSHELL

Vibrant sectors Sustained growth

Ras Al Khaimah boasts a dynamic, diversified economy, led by manufacturing, quarrying, logistics and trade, with the fastest growing tourism sector in the region.

Bolstered by its strategic location and policies favouring foreign investment and business expansion, the Emirate offers a stable and promising ecosystem open for business.

12^bn$

Ras Al Khaimah GDP

30.9^k$

GDP per capita

400^k

RAK population

A⁺

Long term credit rating

Home of global leaders

World’s largest limestone quarry

Leading dry bulk port in the GCC region

Master developer of urban projects

Leading pharma manufacturer in the UAE

Mature, diversified economy

Ras Al Khaimah is a vibrant economy with growth led by a wide variety of sectors. Unlike other players in the region, fossil fuels play a minor role in the economy.

RAK’S GDP BY SECTOR

25.9%

Manufacturing

11.1%

Wholesale & Retail

9.5%

Public Administration & Defence

8.7%

Finance & Insurance

7.2%

Construction

5.5%

Real Estate

5.1%

Accommodation & Food

4.9%

Mining & Quarrying

4.9%

Transport & Storage

4.1%

Agriculture, Forestry, Fishing

3.3%

Utilities

9.8%

Other

Source: Central Bank of UAE, RAK CSS, 2022

INVESTING IN RAK

Primed for investment

Ras Al Khaimah is poised to become one of the biggest net receivers of FDI in the region. With excellent infrastructure and connectivity, state-of-the-art industrial zones and business parks, supportive and stable government as well as business-friendly processes, it’s one of the easiest places to do business in the world.

Ras Al Khaimah welcomes a wide range of investments, whether through private capital, investment banking, or new ventures. Big parts of the economy are also open to retail investors, through the public markets via the stock exchanges in Abu Dhabi and Dubai, or into direct real estate purchases.

Ease of doing business

The Emirate offers low corporate tax rates, minimal operating costs, and tailored, cost-effective services that simplify business setup and management for entrepreneurs.

Fast and efficient government

The government is committed to simplifying business procedures. A strong focus on digitalization of all government services centralized on the RAK Digital platform.

Environment for growth

Strategically located at the crossroads of major trade routes, the Emirate offers significant opportunities for expansion and investment.

State of the art economic zones

Ras Al Khaimah offers the easiest way to start a company in the UAE, through its free zones, including RAKEZ and RAK Maritime City. It boasts a cost-effective way of doing business with a simple and transparent process.

A thriving urban development

The Emirate’s real estate sector is experiencing balanced and sustainable growth, guided by the government’s masterplan. Long-term investments are steadily shaping both residential and commercial landscapes, with Marjan, the government’s developer, leading efforts to create well-planned, high-quality developments for the future.

Gateway to global trade

IDO’s role in shaping the economy

The IDO invests with purpose in strategic and commercial sectors. By channeling funds into critical sectors, it not only enhances immediate economic stability but also secures long-term growth.

Overview of the Emirate

Credit ratings