Ras al Khaimah is all set to see the UAE’s next large-scale economic expansion, backed by hugely successful business parks.
- 7,000 companies are located in Ras al Khaimah’s two business hubs
- Plans and investment are underway to attract a further 5,000 businesses to the area
- Property investors believe there will be large demand for accommodation in Ras al Khaimah in the future
Around 7,000 companies have now set up premises in Ras al Khaimah’s business zones.
Although the northern most emirate is best known for its scenic beauty and thriving tourism industry, Ras al Khaimah is a growing economic and commercial power in the UAE.
Its business hub is now ten years old and made up of two sites – the 23 million sq m Al Ghail Industrial Park and the 7 million sq m Al Hamra site. Both locations are owned and managed by Ras al Khaimah Investment Authority (RAKIA).
RAKIA is currently in the process of further investing in infrastructure at its Al Ghail Industrial Park and has the aim of attracting at least 5,000 additional companies over the next two to three years.
“We customise our working relationship with the companies based on their specific needs,” said Rino Sabatino, Chief Executive Officer of RAKIA, explaining that on average, over 1 million sq ft of raw land is leased every month.
The business hub has undergone more than 1 billion AED (£170 million) worth of infrastructural development and offers businesses not only purpose-built premises and financial incentives, but strong transport links to Saqr Port, RAK airport and Etihad railway, which is currently under construction.
It is just one example of the property investment in Ras al Khaimah that has occurred over the past few years, as the emirate looks to embark on the kind of economic expansion recorded in neighbouring Dubai and Abu Dhabi recently. The emirate has also undergone huge levels of hotel investment and private property investment as investors foresee large tenant and tourist demand for accommodation.