10 facts you didn’t know about RAK

Date Posted:Wed, 28th Feb 2024

10 facts you didn’t know about RAK

Most of you probably know Ras Al Khaimah, the northernmost Emirate, for its beautiful beaches, 5-star hotels and staycation opportunities. But there’s more to RAK than meets the tourist’s eye…

 

1. Ras Al Khaimah has a highly diversified, dynamic economy with no single sector contributing more than 30% to overall GDP (not even the tourism sector).

2. The emirate has become a major manufacturing hub, with output ranging from construction materials and petrochemicals to ceramics,  pharmaceuticals, F&B and more.

3. It’s currently one of the most cost-effective industrial locations in UAE.

4. Ras Al Khaimah offers 100% foreign ownership and profit repatriation with zero income and corporate taxation to investors.

5. The new RAK Digital Assets Oasis (RAK DAO), launched in October 2023, is a new economic free zone dedicated to companies involved in AI, digital and virtual assets, AI, blockchain and Web3.

6. It’s home to Saqr Port, the largest bulk handling port in Middle East.

7. His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, recently witnessed the signing of a Memorandum of Understanding (MoU) between the BCCD and RAKEZ outlining how the two entities will collaborate to support existing British investors in Ras Al Khaimah as well as those wanting to enter the Emirate.

8. It’s a major industrial hub and trading business community, attracting over 40,000 companies and contributing to AED 16.2BN in foreign trade.

9. Ras Al Khaimah’s trading history dates back to the bronze age – archaeologists recently proved its first settlers were from advanced trading nations that chose RAK for its maritime importance and accessibility to the Arabian Gulf.

10. The Emirate will see major investments made across several industries in 2024 as the economy prepares for remarkable growth this year.