STAYING AHEAD OF THE CURVE
The future plans for the emirate’s economy lie in the real estate, infrastructure and tourism sectors
Ras Al Khaimah (RAK) holds a unique position among the seven emirates that make up the UAE. It has a rich and long history that revolves around trade, with its exports mainly driven by copper and pearl in the past. Making the most of its vast reserves of clay, limestone and sand found on the Hajar Mountains, RAK has built a flourishing manufacturing sector that has served as an engine for growth over the past two decades, and in recent years the emirate has also raised its profile as a tourist destination. Meanwhile, RAK’s expanding free zones have attracted more than 15,000 international companies to the emirate.
The emirate has had an amazing period of economic growth in recent years, due in part to its free zone. The ceramics industry has seen steady growth and has been a major factor in the economic development of the emirate. The same is true of manufacturing, with pharmaceuticals playing a large role. Most recently, the current ruler, Sheikh Saud Bin Saqr Al Qasimi, has put forth plans to boost tourism to Ras Al Khaimah — and it has paid off.
According to His Highness Sheikh Saud, the emirate has undergone an exceptional journey through which it shifted from relying on pearl hunting and trade to becoming a promising economic destination witnessing constant growth on all levels. Freezone:
From the start-ups and SMEs to large-scale industries, Ras Al Khaimah Economic Zone (RAKEZ) has more than 14,500 companies from over 100 countries. Offering comprehensive SME solutions at a cost-effective rate, RAKEZ has wide-ranging licence types for thousands of activities, providing various SMEfriendly facilities such as shared workstations; offices of different sizes depending on business requirements; and access to premier business centres with secretarial and admin services and advanced IT/telecom infrastructure.
Starting a business at RAKEZ is easy and fast. Setting up a business takes just three easy steps — customise your package, submit application and documents and get your business licence. With two offices in Ras Al Khaimah, and one each in Abu Dhabi and Dubai where clients can accomplish everything in one go.
With just four hours’ flight time to 31 per cent of the world’s population and situated at the crossroads of fast-growing markets, RAKEZ is supported by five seaports, including Ras Al Khaimah’s Saqr Port. Banking:
The National Bank of Ras AlKhaimah (RAKBANK) recently announced a consolidated net profit of Dh1,095.3 million for the year 2019, increasing by Dh177.7 million over the previous year. The growth in the bank’s net profit was driven by the improved net interest income, an increase in the net income from Islamic financing and the non-interest income as well as a reduction in the provisions for credit loss for the year.
Recognising the importance of creating a flourishing ecosystem and environment for SMEs, RAKBANK launches a commitment to support small businesses through an exceptional digital community platform called SMEsouk. The platform’s core focus is to support SMEs by connecting them with complementary industries for a comprehensive suite of non-banking value-added services such as licensing, accounting, insurance, trade requirements, and more.
It is also one of the pioneer banks to sign a service agreement for UAE PASS, a national digital identity and digital signature solution for the UAE. The UAE PASS enables customers and potential customers to identify themselves to the bank through a smartphone-based authentication with a high level of security. This initiative is part of the digital onboarding project that the bank is implementing, which enables customers to complete their documentation online seamlessly and securely in just a few simple clicks via UAE PASS. Tourism:
Tourism, in particular, has been singled out as a sector with growth potential. RAK has much to offer in this regard; it provides travellers with access to beaches, mountains and the desert, all within a 45-minute drive from Dubai International Airport — or, indeed, an even shorter drive from RAK International Airport, which is served by an increasing number of airlines in the emirate.