Al Hamra has outlined an ambitious five-year (2023-2027) roadmap for driving sustained growth through strategic developments, in accordance with the vision of Ras Al Khaimah’s leadership to develop the Emirate into one of the world’s leading investments, business, residential, and tourism destinations.
Recently, Al Hamra sold its 27,000 sqm Al Hamra Mall to Aldar Properties PJSC (Aldar) for AED410 million. A successful sale of this property demonstrates Ras Al Khaimah’s enormous growth potential as a retail and tourism hub in the UAE, enhanced by the presence of an attractive demographic profile and a large market.
Why people and businesses prefer to invest in Ras Al Khaimah (RAK)
The beauty of its mountain range, pristine beaches, outdoor adventure opportunities, and laid-back way of life, all of which are within easy reach of Dubai, are making RAK a favorite escape for those seeking tranquility away from the city. But RAK is not just all about that, it is also becoming the preferred business location of many foreign and local investors.
According to a report issued by the Department of Economic Development of RAK, the number of licenses issued in the Emirate increased 36% YoY to 1,749 in 2021. Furthermore, Ras Al Khaimah free zone is among the most advantageous free zones offering investors cost-effective business setup options. During the surge of the COVID-19 pandemic, the Emirate offered Dhs7m economic stimulus package to business sectors in the emirate last year.
As a result of a dynamic and diversified economy, RAK has continued to grow and gain popularity as a business hub. Its commercial incentives, less complicated procedures, and low-cost business setup have attracted a wide range of commercial activity making it the preferred business destination of many.