As Ruler since 2010 and in his previous role as Crown Prince, His Highness Sheikh Saud bin Saqr Al Qasimi (member of the Supreme Council) has always worked to establish a diversified economic foundation for Ras Al Khaimah’s growth. Lacking the oil and gas resources of many of its neighbors, RAK has developed a diverse array of industry, such as manufacturing, financial services, tourism, agriculture, mining, and shipping.
Ras Al Khaimah embraces innovation and ingenuity. Its full set of offerings makes it an ideal option for investors and entrepreneurs looking to do business in the Gulf region and beyond.
RAK’s economy has grown steadily in recent years due to the continued success of the homegrown ventures and international businesses that call the Emirate home. Ras Al Khaimah’s GDP increased by 8 percent in 2011, and expansion has continued briskly since then.
His Highness Sheikh Saud bin Saqr Al Qasimi is proud that the Emirate of Ras Al Khaimah currently enjoys a sovereign credit rating of “A/A-1” from Standard and Poor’s. According to the agency’s December 2012 report, the rating is a reflection of RAK’s prudent fiscal policy and strong public finances. Fitch reaffirmed RAK’s long term rating of an “A” in April 2013.
As investors have flocked to RAK, so have tourists. Drawn by rugged natural beauty, well-appointed resorts, historical sites, and delectable restaurants, more than a million visitors traveled to Ras Al Khaimah in 2012, with an expected increase of 200,000 people in 2013.