Main Industries
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.
REAL ESTATE
Growing economies, like that of Ras Al Khaimah, require enormous investments in construction and real estate. These sectors are therefore one of the strongest and continually booming industries of the Emirate. Residential areas, offices, banks and shopping malls are just few examples of what is being designed for this Emirate.
TOURISM
Ras Al Khaimah is becoming a hub for recreation and tourism. In 2008, more than 230,000 tourists stayed in Ras Al Khaimah’s hotels. The Governmental Master Plan called "Ras Al Khaimah - Top of the Emirates" focuses on the Emirate's strongest assets - geographical position, beautiful nature, spectacular landscape, interesting history and rich culture. Many hotels and large-scale tourism projects are now being completed and by 2012, Ras Al Khaimah plans to accommodate up to 2.5 million tourists a year. These projects are designed to attract tourists and put Ras Al Khaimah on the world tourism map.
Tourism is considered such an important part of local economy that Ras Al Khaimah plans to open a specialized Hospitality Free Zone (Phone: 07 2277888) alongside Emirates Road. It will not only provide all the necessary services and trainings, but it will also cater to all needs of hospitality and tourism sector.
BUILDING MATERIALS
The Emirate has vast reserves of high quality limestone deposits, which are being exploited to produce a large variety of building materials. With the growing local and regional demand for construction materials, the cement and building materials has become one of the most important industries in Ras Al Khaimah. The Emirate has a few of the biggest cement factories in the region and is a country leader in cement production. Furthermore, a steel company complements the strong position of Ras Al Khaimah in the construction sector. The Industrial Free Zone Park, designed to accommodate heavy industrial production, is situated in the Saqr Port area, creating an ideal logistical infrastructure.
MANUFACTURING AND HIGH-TECH INDUSTRY
Manufacturing is one of the fastest growing sectors in Ras Al Khaimah and includes several industries, such as glass, packaging, tableware and sanitary ware. Two prominent companies of Ras Al Khaimah, RAK Ceramics and Julphar Pharmaceutics, are highly rated international manufacturers of quality products. The Technology Park opened in the recent years represents another strategy of this Emirate - a commitment to introduce automated manufacturing of High-Tech products. For example, Falcon Technologies International (FTI), a producer of recordable digital optical storage media (DVD-R, BDR), is one of the first companies to settle in Ras Al Khaimah. Furthermore, a European research company, the Swiss Center for Electronics and Microtechnology (CSEM), in cooperation with the government of Ras Al Khaimah launched a large-scale experimental solar system project. Their aim is to place solar platforms on floating islands, which, if successful, will generate energy for the Emirate.
SERVICE SECTOR
The Business Free Zone Park focuses on trading, servicing and financial institutions, areas in which Ras Al Khaimah is becoming very strong. Besides the significant number of domestic and foreign commercial banks, Ras Al Khaimah has its own well-known bank, RAK Bank. Medical and educational services are other fields in which Ras Al Khaimah aims to specialize.
AGRICULTURE AND FISHERIES
Agriculture, livestock and fisheries have been the main activities of the Ras Al Khaimah’s population for centuries. They form a significant part of revenue for the Emirate and are a major provider of foodstuff for the UAE as a whole. These sectors are now modernized in order to meet the demands of the country's growing population.