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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Turkey eyes $5bn bilateral trade with Qatar

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Iraq set to award new Faw Port deals

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      Miral’s premier Abu Dhabi waterfront project work on track

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        Investments in renewables in Egypt reach LE6 bn: Official

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Ras Al Khaimah: Year in Review 2012

              Oxford Business Group

              January 15, 2013
              in Economy
              0

              The economy of Ras Al Khaimah (RAK) has continued to expand, and while final year-end 2012 figures for growth have yet to be released, officials say they are confident that the forecast 8% increase in GDP – the same rate as in 2011 – will have been achieved in the emirate.

              This confidence was supported in late December when ratings agency Standard and Poor’s (S&P) affirmed its “A/A-1” long- and short-term foreign and local currency sovereign credit ratings for RAK. The agency said the rating was a reflection of the government's minimal expenditure responsibilities, prudent fiscal policy and ongoing indirect financial support from the central government of the UAE.

              Fiscally, RAK was well protected against external shocks thanks to the UAE’s strong external balances and its system of fiscal transfers and banking coordination, according to S&P. Meanwhile, the emirate’s only domestic bank, RAK Bank, was cushioned from risk by being under the supervisory oversight of the Central Bank of the UAE. Looking forward, S&P said that the outlook for RAK was stable, thanks to the government’s fiscal flexibility and the advantages being in the UAE.

              The industrial sector maintained its position as one of the leading contributors to the economy, with an input of around 30% to GDP. In August French firm Saverglass announced that it would be investing $93m to build a new production facility in RAK, joining at least three other major manufacturers of glass products based in the emirate.

              Along with the ceramics sector, led by RAK Ceramics, which is recognised as the world’s largest ceramics manufacturer and the first regional ceramics firm to produce 1bn sq metres of tiles, the glass sector benefits from the easily accessible and competitively priced raw materials provided by the emirate’s mining industry. This sector also feeds RAK’s cement producers, who witnessed a rebound in 2012 as building activity in the UAE and across the Gulf began to pick up, pointing toward a recovery from the downturn brought on by the global financial crisis.

              The emirate’s tourism sector also enjoyed a good year, with visitor numbers up and a surge in hotel construction to meet expected future demand. The RAK Tourism Development Authority estimates that up to 1.2m visitors will arrive in 2013, up from 835,000 in 2011, while the existing room stock will be expanded from just below 3000 to 10,000 by 2016.

              This increase in tourist trade has in part been facilitated by the expansion of the emirate’s flag carrier, RAK Airways, which conducted a program of route expansion during 2012 by adding four destinations and increasing the frequency of services on a number of existing routes. This was achieved in part through a code share arrangement struck with Etihad Airways in September.

              In mid-December RAK Airways also announced it was expanding its domestic services to Abu Dhabi to include a daily flight, up from its four flights a week since it was re-launched in October 2012. The carrier has said it intends to lift flight numbers to twice a day in 2013 in anticipation of higher demand. The service, as the first domestic route in the UAE, has helped boost passenger numbers for RAK Airways; the airline has seen a 47% increase in seats sold as of the end of November.

              Earlier in the year, RAK unveiled what it anticipates becoming the jewel in the crown of its tourism industry in the years to come, announcing that a $1bn combined theme park, sports and real estate project will be developed in partnership with Spanish football giant Real Madrid on Al Marjan Island, just off the emirate’s coast. Along with a 10,000-seat football stadium, a sports clinic and a museum, the complex will also include a series of resorts and residential complexes.

              When announcing the project in March, RAK officials said they hoped the development – slated to be completed by the beginning of 2015 – would attract up to 1m visitors a year. If the project reaches its forecasted potential, it will provide a major boost to the domestic economy, positively impacting a range of sectors including transport, services, finance and retail.

              Even without the additional sales that will be generated by the expected tourism boom, RAK’s retail sector is in the process of expanding, with gross leasable area (GLA) set to total almost 200,000 square meters by 2015 – more than double the figure in 2010. Of this growth, 32,000 sq meters of GLA was added in April with the opening of the $110m RAK Mall, a development of the Abu Dhabi-based Lulu International Group.

              While a return to regional and global financial instability cannot be ruled out, instability that would affect key sectors such as industry and tourism, the emirate has shown its economy to be relatively resilient to external shocks and it should be able to look toward solid growth in 2013.
              Oxford Business Group
              15 January

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