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Economic Overview
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Based on Government Plans, the economy of Ras Al Khaimah is anticipated to compliment
and follow the Dubai model in its economic growth strategy. Future plans in the
real estate sector, infrastructure and tourism have been identified for development
in order to boost Ras Al Khaimah's economy. This was inferred from the master plan
of H.H Sheikh Saud bin Saqr Al Qasimi, Crown Prince & Deputy Ruler of Ras Al Khaimah,
which focuses on developing the tourism industry to attract investments and developing
the necessary rules and regulations needed to encourage and sustain the economic
growth.
In Ras Al Khaimah, the private sector plays a major and leading role in the local
economy and is characterized by its specialization and success in specific business
activities, particularly the industrial field. The main exports of Ras Al Khaimah
include ceramic tiles, medicines, cement, crushed rocks and fish. The main imports include
clinker, live sheep, cars and gold.
Key Economic Indicators for Ras Al Khaimah
|
1998 |
1999 |
2000
|
2001 |
2002 |
2003 |
2004
|
2005
|
|
159 |
165
|
172
|
181
|
187
|
195 |
208 |
197
|
|
5,218
|
5,636
|
5,940 |
6,225
|
6,622
|
6,963 |
7,834 |
9,253
|
|
|
3.8%
|
4.2%
|
5.2%
|
3.3%
|
4.3%
|
6.7%
|
-5.0%
|
|
848
|
740
|
627
|
747
|
1,205
|
1,172
|
5752
|
3180
|
|
281 |
489 |
259 |
258 |
1,856 |
1,242
|
606 |
876 |
Source: Economic Department of Ras Al Khaimah
Non-Oil Foreign Trade
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Imports
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Exports
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Re-Exports
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Total
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|
Value
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Quantity
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Value
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Quantity
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Value
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Quantity
|
Value
|
Quantity
|
|
747.40
|
2385.50
|
257.54
|
5704.11
|
2426.60
|
245.96
|
3431.54
|
8225.57
|
|
1204.98
|
14534.40
|
1855.67
|
1689.11
|
3814.79
|
5552.11
|
6874.44
|
21776.62
|
|
1171.69
|
16143.64
|
1242.02
|
36746.03
|
3779.24
|
29287.57
|
6192.95
|
82177.24
|
|
5751.87
|
13809.56
|
606.60
|
4176.45
|
1699.74
|
902.84
|
8058.21
|
18888.85
|
|
3179.41
|
10576.29
|
876.43
|
14359.31
|
895.58
|
115.86
|
4951.41
|
25051.46
|
Source: Department of Customs and Ports
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|
|
|
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