SAUD BIN SAQR AL QASIMI / ACHIEVEMENTS / Economic prosperity
SUMMARY
Under His Highness Sheikh Saud’s visionary leadership, Ras Al Khaimah has evolved into a thriving economic hub, driven by transparency, collaboration and a pro-business approach. His focus on infrastructure development, including free zones, business parks and improved ports and airport, has attracted global investment and created a dynamic and diverse business environment, where no single sector accounts for more than 27% of GDP. His Highness’s strategic approach to governance and the economy has resulted in several Ras Al Khaimah home-grown companies making a global impact and it has been validated with continuous A-range credit ratings since 2008. His establishment of Ras Al Khaimah Economic Zone (RAKEZ) and commitment to strong governance and fiscal health have reinforced the Emirate’s growth, as have the creation of iconic tourism destinations such as Al Marjan Island and Jebel Jais, all of which have helped to position Ras Al Khaimah as both a successful business center and a desirable tourism location.
Business environment overview
The success of Ras Al Khaimah’s growing economic ecosystem can be attributed to His Highness Sheikh Saud’s pro-business outlook, which is founded on the principles of transparency, cooperation and surpassing international standards, supported by strong legal, judicial and banking systems that adhere to international norms and operate independently from the executive and legislative branches of government. This has led to investor confidence in Ras Al Khaimah, where companies enjoy full repatriation of capital and profits and access to numerous other benefits, including lower development costs, in a supportive and dynamic business environment.
Infrastructure development
The absence of hydrocarbons in Ras Al Khaimah presented an opportunity for His Highness Sheikh Saud to spearhead the early creation of a highly diversified economy in the Emirate, where no single sector currently accounts for more than 27% of GDP.
His Highness understood that infrastructure development would be pivotal to Ras Al Khaimah’s economic expansion, so he facilitated the creation of free zones, business parks and offshore corporate registration, as well as the enhancement of existing roads, ports and the international airport, to ensure ease of business for companies wishing to set up in Ras Al Khaimah. His Highness Sheikh Saud’s vision to develop the Emirate’s tourism sector by creating new experiences for visitors and spaces for beachfront hotels and entertainment also led to the development of Al Marjan Island, a coral-shaped archipelago built on reclaimed land that extends 4.5km into the Arabian Gulf and covers an area of 2.7 million square meters. Already home to more than 3,000 hotel rooms, the development will add thousands more in the coming years, including at the flagship Wynn Al Marjan Island resort and Nobu hotel. Renowned hotel brands such as Nikki Beach and Four Seasons will add further luxurious options at other locations in the Emirate.
Simultaneously, His Highness Sheikh Saud has been overseeing the development of Jebel Jais, the highest point in the UAE, from what was once a remote and inaccessible area of rough terrain to what is now the region’s premier adventure tourism destination, home to the world’s longest zip line, the highest restaurant in the UAE and numerous hiking, biking and adventure activities.
Home-grown enterprises
His Highness Sheikh Saud’s vision has enabled the creation of home-grown businesses that have become global leaders in their fields. RAK Ceramics, which His Highness established in 1989, is a prime example, as it created a niche in the UAE for high-quality and stylish ceramics that were comparable to the best globally. Today, RAK Ceramics is one of the largest ceramics manufacturers in the world, with annual turnovers of about $1 billion, serving clients in 150 countries. His Highness Sheikh Saud’s leadership and business acumen has also enabled other existing Ras Al Khaimah businesses to reach their full potential. Julphar Gulf Pharmaceutical Industries has risen to become one of the largest generic medicines producers in the region and one of the leading producers of insulin in the world.
Similarly with Stevin Rock, it has become one of the largest quarrying companies in the world, with a production capacity of over 80 million tons of materials per year. Not only do these enterprises put Ras Al Khaimah on the map but each has led to the creation of supplier markets within the Emirate that would have otherwise not existed.
Economic environment
The strong and sustained economic growth we see in Ras Al Khaimah today has been enabled by His Highness Sheikh Saud’s holistic vision and his commitment to the continual improvement in several key areas: economic growth, fiscal health, good governance, open trade and investment, high-quality infrastructure, a robust financial system and technological advancement. His fiscal strategy has been validated by the A-range credit ratings held by the Emirate from both S&P and Fitch since 2008. His Highness’s comprehensive approach is driving economic prosperity and also fostering long-term sustainable development, ensuring that Ras Al Khaimah continues to thrive across multiple sectors.
Business development
Since his time as Crown Prince of Ras Al Khaimah, His Highness Sheikh Saud has worked to create a business-friendly environment, which has enhanced the ease of doing business, ensured low operating costs and delivered a transparent and secure regulatory environment. This strategy has attracted a multitude of businesses, from locally based SMEs to large multinationals, with more than 50,000 companies from 100 countries representing over 50 industries under Ras Al Khaimah Economic Zone (RAKEZ), one of the largest such zones in the region, Ras Al Khaimah Chamber and the Department of Economic Development (DED).
Community development
His Highness Sheikh Saud has embarked upon a journey to transform Ras Al Khaimah through his commitment to community development. A passionate advocate for education, he has established a strong academic ecosystem…
Safety, security & justice
His Highness Sheikh Saud has prioritized safety, security and justice as cornerstones of Ras Al Khaimah’s pursuit of prosperity. His leadership has made the Emirate an extremely safe place to live and his commitment to good governance…
Government modernization
His Highness Sheikh Saud’s philosophy of governance emphasizes integrity, vision and empathy, seeing government as an enabler for people and businesses to thrive. His leadership has modernized and grown the capacity…
Environment & sustainability
His Highness Sheikh Saud is championing sustainability in Ras Al Khaimah through a number of initiatives, including the Ras Al Khaimah Integrated Sustainability Strategy 2050, a comprehensive policy that aims for significant reductions…