A strong economy, together with a stable political environment makes Ras Al Khaimah a logical place to invest. As a testament to this fact, the emirate received the Financial Times award for "Most Attractive Place in the Middle East for FDI" in 2009.
The cost of living and doing business in RAK are markedly lower than other emirates and far less than traditional business centers of New York, London or Mumbai. In addition, the authorities' forward-thinking approach provides unique benefits to investors through the RAK Investment Authority and the RAK Free Trade Zone. Foreign businessmen enjoy a 100% income and corporate tax exemption, streamlined and expeditious registration procedures, total foreign ownership, 100% capital and profit repatriation, efficient services, transparent legal framework and a network of promotion centers across UAE, Europe, Asia and the United States.
Investment in Tourism
The government of Ras al Khaimah had earmarked US $163.4 million for investment into tourism development projects between now and 2012, and had a target to boost tourism numbers from 600,00 visitors in 2010, to 1.2 million by 2013.
The new tourism strategy involves development of new hotels, resorts and villas, which will result in a total inventory of 10,000 hotel rooms in RAK by the year 2016. The 600-room Marjan Island family resort being developed on five man-made islands off the coast of Ras Al Khaimah is scheduled to open by October 2012. Scheduled openings in Ras Al Khaimah include the Ras Al Khaimah Waldorf Astoria, in October 2012 and the Al Hamra Fort Hotel & Beach Resort, scheduled to open as a Hilton Hotels & Resorts branded property in 2013; as well as a 'Pearl Farm and Pearl Museum' early next year.