Economy::Ras al-Khaimah

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Economy

Industries

Not being a producer of oil, Ras al-Khaimah has focused on developing its industrial sector. As of 1920, Ras al-Khaimah was mining iron ore.<ref name=Prothero98>{{#invoke:citation/CS1|citation |CitationClass=book }}</ref>

Main economic sectors

  • Real Estate – numerous residential areas, offices, commercial buildings are constructed in Ras al-Khaimah.
  • Tourism – Ras al-Khaimah is becoming a new destination on tourist maps. Ras al-Khaimah is home to five star hotels and beach resorts including Hilton Hotels and Resorts, Rotana or Banyan Tree. It has a number of 4 and 3 star accommodations. In September 2010, first water park Ice Land was opened to offer leisure opportunity for both residents and visitors and more new tourism projects are under construction.
  • Building materials – Ras al-Khaimah opened the UAE's first cement company in the early 1970s and is now the UAE's largest producer of cement. In the 1980s, the emirate formed Ras al-Khaimah Ceramics, which has become one of the world's largest ceramics producer.
  • Manufacturing and High-Tech Industry – In the 1980s, the emirate formed Gulf Pharmaceutical Industries (Julphar), the Persian Gulf region's first pharmaceuticals company. Falcon Technologies International (FTI) represents high-tech industry and produces optical storage media (CDR,DVDR, BDR). In 2012, Innovative Composite Engineering was established in the Industrial Free-zone to manufacture high end composite products (aerospace, construction parts).<ref>{{#invoke:citation/CS1|citation

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  • Service sector – recently growing sector with its prominent RAK Bank and RAK Insurance companies.
  • Agriculture and Fisheries – in the past, these were the main economy sectors of Ras al-Khaimah. Nowadays they are still significant providing foodstuff not only for the Emirate but for the whole country.

Taxation and companies law

New legislation and regulations favour international investments. The combination of security and confidentiality is ensured to entrepreneurs. An international company may only have foreign customers and is not liable for paying local taxes. It can open a local bank account, make investments tax-free, and obtain mortgages for investing in UAE assets. Employment visas are available. When approved, this type of company can own property in UAE free-trade zones.

No income, sales, or wealth taxes are payable by individuals. No corporate taxes are charged. In addition, there are no exchange controls, no withholding nor import or export taxes.


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