Ras Al Khaimah’s gross domestic product stands at AED 6.96 billion and has grown by more than 50% over the last four years and this is set to triple by 2012. The economy is dominated by the service sector which contributes to 58% of the GDP. Agriculture, livestock rearing and fisheries contribute to 17%, while heavy industry accounts for 11%. Construction contributes another 10% to the overall GDP. Despite its small size, Ras Al Khaimah is the third largest producer of agricultural commodities in the UAE.
Exports and re-exports account for nearly 60% of Ras Al Khaimah’s international trade. Major exports include ceramic tiles, medicines, cement, crushed rocks and fresh fish. Imports consist of clinker, livestock, automobiles and bullion. The emirate is becoming a top investment hotspot in the UAE. In the last few years it has been focusing on gaining recognition as a preferred investment destination for investors across the world. The opening of free zones is another exercise in encouraging investors to establish joint ventures in exports and value-added products.