Ras Al Khaimah celebrates 10 years of economic and developmental innovation under His Highness Sheikh Saud

27 October 2020
 
  • The UAE’s northern-most Emirate leads the way in pushing new frontiers for development. To highlight its progress, we’ve listed ‘10-in-10’: ten priorities for Ras Al Khaimah over the past ten years

Ras Al Khaimah has been a cornerstone of the United Arab Emirates (UAE)’s economic development since before the nation was founded in 1971. Famed for its rugged beauty and stunning panoramic vistas, Ras Al Khaimah has provided the raw ingredients for the country’s impressive rise on the global stage. It is rock extracted from Ras Al Khaimah’s spectacular mountainous terrain that has created the UAE’s powerhouse cities that are responsible for helping place the country firmly on the world map. However, as with all forms of progress, priorities change over the years. The UAE is now leading the way in creating a diversified economy based on knowledge and sustainability, with Ras Al Khaimah at the fore of this new direction.

This October marks the 10th anniversary of the accession of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, who has presided over a decade of important evolution in his Emirate. With His Highness leading the charge, we have listed ‘10-in-10’: ten areas that Ras Al Khaimah has prioritized over the past ten years to help it meet both its and the UAE nation’s goal of sustainable development, underpinned by a vibrant and dynamic knowledge economy.

  1. Economic Progress

Ras Al Khaimah Government adopts a fiscally prudent approach to governance and is committed to improving the ease of doing business. The consolidated Government budget has been in surplus every year since 2010 and it follows conservative debt policies that ensure the debt-to-GDP ratio maintains a consistent downward trend.

The Government’s cooperative and institutional approach has made Ras Al Khaimah a haven for SMEs and big businesses, with more than 38,000 companies from 100 countries representing over 50 industries already here, taking advantage of the business licenses and services offered by either Ras Al Khaimah Economic Zone (RAKEZ), Ras Al Khaimah Chamber of Commerce and Industry or the Department of Economic Development (DED).

Investors who have chosen to set up shop in Ras Al Khaimah have benefited from lower costs of housing and labor, modern infrastructure and state-of-the-art facilities, as well as providing their employees with an excellent quality of life in an extremely safe environment with all the trappings of a major city, such as world-class hotels and attractions, though on a smaller and more inviting scale.

The business advantages have been quantified in recent years, with the 2019 World Bank Doing Business report ranking the Emirate 30th out of 190 economies for ease of doing business.

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