ECONOMY OF RAS AL KHAIMAH
The exploitation of oil in the 1960s changed the economical face of the country. Oil and gas became the main source of revenues for the sheikdoms and today they remain the dominant contributors of the UAE income. In recent years, however, there have been fundamental changes and expansions of other industries and businesses in Ras Al Khaimah and in the whole UAE.
Ras Al Khaimah is witnessing an amazing growth; many actions and investment plans are carried forward to bring economical stability and strength. Because Ras Al Khaimah owns only 0.1% of the UAE oil reserves, the oil sector is a minor portion of income for this Emirate. Real estate, tourism, building materials, manufacturing and a service sector are the prominent pillars of development.
