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Ra’s al-Khaimah
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Ra’s al-Khaimah (RAK) is approximately
650 square miles in size with a population of 250,000 people. It is divided by an estuary called Khor Ra’s al-Khaimah, which runs directly through the center of the city. RAK’s fertile soil supplies the UAE with much of its fruit and vegetables.
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H.H. Sheikh Saqr Bin Mohamed Al Qasimi
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RAK produces limited amounts of oil and gas, so revenues from the hospitality and tourism sectors contribute significantly to this emirate’s bottom line. RAK is undergoing a major expansion of its resort and residential properties in order to capitalize on RAK’s pristine coastline.
The Ra’s al-Khaimah International Airport is undergoing significant upgrades to attract additional traffic and offer a wide variety of flights to destinations in Central and South Asia. RAK Airlines, the UAE’s fourth carrier, will begin operations later this year to cities in Iran and India. The start-up airline expects to serve 13 international markets by 2010.
In April 2007, the Ruler of Ra’s al-Khaimah, H.H. Sheikh Saqr Bin Mohamed Al Qasimi, announced plans to develop an International Hospitality Trade and Training Zone that will cover approximately 350 acres of land. Working jointly with the U.S.-based Argentum Development Company LLC, 260 acres will be dedicated to a hospitality industry free trade zone and 90 acres will be used for a hospitality education campus that provides multi-level professional training. The campus will offer such career choices as Culinary School, Entrepreneurial College, Language and Call Centre Training School, Security and Concierge Training Facility, and an 80,000 square foot Spa Aesthetics and Sports Training Building.
RAK has established an industrial free zone that is rapidly attracting foreign companies interested in RAK’s low cost and rapid registration process. Nearby, the port (Mina Saqr) handles 90 percent of the UAE’s cement exports and recently constructed several new berths to accommodate the growth in business.and commercial ports.
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East-West Transport Hub – from page 7
passengers per year, and new warehouses were added to the cargo area.
Sharjah has witnessed a dramatic growth in air travel – passenger traffic increased 36 percent in 2006 – due in large part to the expansion of Air Arabia, the Sharjah-based budget airline that began operations in 2003. Using Sharjah International as its hub, Air Arabia already offers discount flights to 18 countries, from Sri Lanka to Turkey, and offers an online ticketless booking system. Air Arabia recently announced plans to build a 300-room hotel at Sharjah Airport.
The discount carrier’s motto – “Pay Less, Fly More” – has clearly struck a cord: Passenger
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numbers have increased every year since 2003. In the quarter ended March 31, 2007, Air Arabia’s profit increased 33 percent over the first quarter of 2006. In April 2007, Air Arabia went public with a $700 million share offering. The funds raised from the offering will be used to expand Air Arabia’s fleet from nine aircraft to 34 by 2016.
Ra’s Al-Khaimah is spending $272 million to expand RAK International Airport in anticipation of increased tourism traffic in coming years. RAK Airlines, the UAE’s fourth carrier, will begin operations later this year with its hub at RAK International Airport. Initially, it will fly to cities in Iran and India, but it aims to serve 13 international markets by 2010.
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World Bank says UAE has “best trade policies” in Middle East
A World Bank report released in April concluded that the UAE has the best policies governing international trade of any country in the Middle East and North Africa (MENA) region. The Bank report – entitled “Economic Developments and Prospects for the MENA Region” – gave the UAE 75 points out of a possible 100 for its trade policies, based on a set of comprehensive indicators.
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“The UAE’s generally liberal and increasingly diversified economy, the importance of trade for its economic performance, its relatively low border barriers to trade, and its growing economic power make it an increasingly important supporter of the multilateral trading system.”
World Trade Organization (WTO)
“Trade Policy Review, 2006”
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