Economic Overview Of Sectors In

Ras Al Khaimah

Unlike other emirates in the UAE, Ras Al Khaimah does not have abundant energy sources. It is otherwise “naturally diversified”, and is focused on developing its non-oil sectors which are major contributors to its economy such as, real estate, tourism, building materials, manufacturing, agriculture and fisheries.

Here is a breakdown of the vital sectors of Ras Al Khaimah, together with a list of leading corporate entities:

TOURISM

Ras Al Khaimah sends an open invitation to the world to explore our beautiful Emirate. Set in stunning natural landscape, visitors experience the authenticity and innovation in leisure, entertainment and activities. From relaxing to thrill- seeking, from learning about the UAE’s rich history to learning how to fly, the country offers inspirational experiences for visitors or all ages and passions.

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REAL ESTATE

Al Hamra Group – The Al Hamra Group is a Ras Al Khaimah based real estate development and Investment Company. The group is focused on providing premier lifestyle real estate developments, and investing in the luxury hospitality and leisure segments. In line with the Emirate’s growth, the Al Hamra Group has been instrumental in shaping the real estate landscape in the Emirate since its formation in 2003.

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RAK Properties – Founded in 2005 from the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties delivers high-quality and professionally managed projects that provides its customers with the highest level of service, while maximizing the value of their investments.

RAK Properties aims to attract foreign investors of repute to launch state of the art projects, including luxurious hotels, resorts and malls. In doing so, RAK Properties serves as a catalyst for a dynamic property market in both Ras Al Khaimah and the wider United Arab Emirates.

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TECHNOLOGY

Falcon Technologies International – Falcon Technologies International L.L.C., FTI, is a unique industrial high-tech group with headquarters and manufacturing facilities located in Ras Al Khaimah, in the United Arab Emirates.

Through its leading world class manufacture of professional optical data storage media and archival solutions, the company offers professional grade solutions to global brands, private labels, distributors and retailers.

FTI optical media solutions delivers the ultimate performance, reliability and durability for professional and archival applications. This is a direct result of the rigorous tests all our products are submitted to, following the most demanding standards to ensure they provide the ultimate performance.

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PHARMACEUTICAL

The Julphar Pharmaceutical Group – Julphar is the largest generic pharmaceutical manufacturer in MENA. For over thirty years, we have been providing high quality, affordable medicines to families across the region. We operate thirteen internationally accredited facilities in the UAE and others located in Ethiopia, Bangladesh and KSA. We maintain a large and diverse range of medicines targeting major therapeutic segments, inclusive of biotechnology. Our strong network ensures distribution to over 40 countries worldwide.

The Julphar Group has become an international industry leader in the white-labelled pharmaceutical market. It has seven manufacturing plants, 12 of which are in the UAE and 4 international plants, producing a wide range of pharmaceutical products. Julphar has a strong presence in all major therapeutic segments and produces around 400 formulations under 120 brand names.

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FINANCIAL

RAKBANK – RAKBANK, also known as the National Bank of Ras Al-Khaimah, is one of the oldest and most dynamic banks in the UAE. Founded in 1976, the Bank underwent a major transformation in 2001, with a shift in focus from corporate banking to retail and small businesses.

Today, the Bank offers a wide range of personal and business banking services throughout its 35 branches and its portfolio of electronic banking solutions, which include Telephone, Online, and Mobile Banking. It also offers Sharia-compliant personal and business banking services via its Islamic Banking unit, RAKBANK AMAL.

RAKBANK is a public joint stock company, headquartered in the emirate of Ras Al-Khaimah, in the UAE. Its Head Office is situated in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road in Ras Al-Khaimah. The Bank is 52.76% owned by the Government of Ras Al-Khaimah, and its shares are publicly traded on ADX. The Board of Directors consists of several members of the ruling family of the Emirate of Ras-Al Khaimah and businessmen from UAE and Kuwait.

RAKBANK is a proud member of the UAE Banking Federation (UBF), and, as such, abides by the UBF stipulated Customer Charter for all member banks. We concur with the Customer Charter to promote trust and best practices across financial services industry, providing customers with clear guidelines about the standard of service they can expect from their banks.

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FREE TRADE ZONES

RAKEZ – Ras Al Khaimah Economic Zone (RAKEZ) is an authority established by the government of Ras Al Khaimah to oversee, regulate and consolidate the services, facilities and zones of Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA), and serves their respective clients. Established in 2017, RAKEZ builds on 17 years of consistent value generation by RAK FTZ and RAKIA.

RAKEZ offers its clients easy access to local markets of the UAE, in addition to growing markets of the Middle East, North Africa, Europe, and South and Central Asia.

The authority offers free zone and non-free zone licenses through RAK FTZ and RAKIA for companies operating in diverse industry sectors including, manufacturing, consulting, trading, logistics, academic, media and many more.

RAKEZ currently hosts over 13,000 companies from entrepreneurs and startups to SMEs and manufacturers covering over 50 industries from over 100 countries. Through its five specialised zones including RAKEZ Business Zone, Al Hamra Industrial Zone, Al Ghail Industrial Zone, Al Hulaila Industrial Zone and RAKEZ Academic Zone, it offers a wide range of customisable and cost-effective solutions for existing clients and potential investors. All clients have access to three local offices in Ras Al Khaimah, Dubai and Abu Dhabi, and international offices in India, Turkey and Germany.

A leading economic zone, RAKEZ, aims to continue attracting diversified investment opportunities that will contribute to the economic growth of Ras Al Khaimah.

RAK FTZ – Established in 2000, Ras Al Khaimah Free Trade Zone (RAK FTZ) is the investment destination of choice for more than 8,600 companies from over 100 countries, representing more than 50 industry sectors. Less than an hour’s drive from Dubai, RAK FTZ offers numerous advantages including:

  • A tax-free investment environment
  • 100 per cent foreign ownership
  • Fast and efficient business set-up and support services
  • Fast-track UAE visa issuance
  • A wide range of real estate facilities to suit your individual business needs
  • The Mazeed Services, which provides translation of documents, recruitment of employees, procurement support, creation and printing of corporate materials, and many other services
  • A strategic geographical location that provides easy access to markets across Europe, North Africa and the Middle East as well as South and Central Asia
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RAK Investment Authority - RAK Investment Authority (RAKIA) is a leading business destination committed to providing a pro-business Proximity to express highways, seaports and airports environment, regulatory stability and robust infrastructure in the emirate of RAK in the UAE. Comprised of two dedicated industrial parks, a combined area of 30-million square metres, RAKIA provides hassle-free business set-up, state-of-the-art facilities and economical solutions to help clients compete regionally and globally.

RAKIA presents a wide range of solutions and services, adhering to constantly meeting the requirements of its clients. Owing to the strategic advantages and investor-oriented policies, RAKIA is home to over 500 manufacturers and thousands of SMEs. These advantages include:

  • Choice of free zone or non-free zone
  • Low cost of business set-up and operations
  • Ease of doing business
  • 100% tax exemptions (no corporate or personal taxes)
  • 100% foreign ownership in free zone companies
  • 100% repatriation of capital and profits
  • 45-minute drive from Dubai
  • Easy access to strategic markets in the MENA Region
  • 31% of world’s population in 4-hour flying radius

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CERAMICS

RAK Ceramics - RAK Ceramics is one of the largest ceramics’ brands in the world. Specialising in ceramic and porcelain wall and floor tiles, tableware, sanitaryware and faucets, we have the capacity to produce 110 million square metres of tiles, 5 million pieces of sanitaryware, 24 million pieces of porcelain tableware and 600,000 pieces of faucets per year at our 17 state-of-the-art plants across the United Arab Emirates, India, Bangladesh and Iran.

RAK Ceramics is a publically listed company on the Abu Dhabi Securities Exchange in the United Arab Emirates and on the Dhaka Stock Exchange in Bangladesh and as a group has an annual turnover of approximately US$1 billion.

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QUARRYING

Thanks to the Emirate’s high-quality limestone deposits, Ras Al Khaimah’s large limestone quarries support the construction, steel and cement industries of the entire UAE. The quarry in Ras Al Khaimah is visually impressive, so is its impact on the construction industry in the GCC. In 2007, the Emirate’s two chief quarry operations, Stevin Rock and Ras Al Khaimah Rock Company (RAK Rock), joined forces to become one of the largest mining companies in the world, employing more than 2,500 people.

RAK Rock - Ras Al Khaimah Rock Company LLC (RAK Rock) was formed in 1973 to produce and deliver material to cement plants in the UAE.

Ever since, the company has supplied the highest quality limestone material to many of the region’s leading cement companies. Over this time period its capacity has grown to 22 million tonnes per year.

RAK Rock has supplied material to projects across the Gulf Region particularly to Bahrain and Kuwait predominantly for concrete application.

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STEVIN ROCK - Stevin Rock was founded in 1975 as a 100% owned subsidiary of Dutch civil engineering company, Volker Stevin. Initially formed to produce and supply material for the new Jubail Commercial Port in Saudi Arabia, we delivered around five million tonnes of material from our own purpose-built harbour between 1975 and 1980.

Over the next 10 years, our focus was on selling large-size rocks, typically used in breakwater applications, until being acquired by our new parent company, Dragomar, S.P.A. in 1990. That year saw us from a joint venture to support the building of the Ras Laffan Port in Qatar, for which we supplied five million tonnes of material.

In May 1996, His Highness Sheikh Saud Bin Saqr Al Qasimi purchased all Stevin Rock rights, and from there began an era of consolidation, expansion and strengthening. In 2004, as a 99% government-owned company, we became Stevin Rock LLC, and a new board was formed.

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CEMENT

Ras Al Khaimah is the only emirate in the UAE to produce oil-well cement, white cement and lime. The emirate is a major domestic supplier and exporter of these much- needed products.

The cement companies currently operating in the Emirate:

Ras Al Khaimah Cement Company - Ras Al Khaimah Cement Company was established in 1995 as part of the continuing economic and social development policy implemented by the emirate of Ras Al Khaimah.

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Union Cement Company - Union Cement Company (UCC) is the first cement producer established in the United Arab Emirates. It was set up in 1972 in the Khor Kwair Industrial Area and the production commenced with the first line in 1975 under the management of “Norcem A.S.”, a member of HeidelbergCement Group.

As from 2008, the local management took over the management of the company in line with the long-term strategy set over the last 33 years. Today, UAE Nationals represent 22% of the employees of the Company.

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Gulf Cement Company - Gulf Cement Company is a leading cement producer in emerging markets. GCC is based in Ras Al Khaimah, United Arab Emirates and employs more than 500 people.

Gulf Cement Company is the largest cement producer in the United Arab Emirates and a leading regional cement exporter. Our principal operating cement has an installed annual production capacity of 2.7 million tons cement and 3.8 million tons clinker. We produce and distribute cement in bags and in bulk.

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GLASS

Guardian - With a large plant in Ras Al Khaimah, Guardian is one of the world's largest manufacturers of float glass and fabricated glass products.

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Arc International - With brands like Luminarc, Cristal d'Arques Paris, Arcoroc, Chef & Sommelier and Pyrex, Arc International is a leading global glass industry player, with a new plant in Ras Al Khaimah.

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