Mayor Pro Tem Ed Gonzalez welcomed His Highness Sheikh Ahmad Saqer Mohamed Al Qasemi, chairman, Ras Al Khaimah Free Trade Zone (RAK FTZ) on Feb. 11, 2015. Ras Al Khaimah is one of the seven emirates that comprise the United Arab Emirates along with Dubai and Abu Dhabi. The U.S.-U.A.E. Business Council, in partnership with the Bilateral US-Arab Chamber of Commerce, and with the support of the Greater Houston Partnership (GHP), hosted the luncheon and presentation in support of the senior-level commercial delegation visiting from Ras Al Khaimah, United Arab Emirates (U.A.E.)
Ras Al Khaimah Free Trade Zone (RAK FTZ) is a gateway to emerging markets in the UAE and GCC. Ernst and Young predicts that with oil production levels already high and global supply prospects strong, growth in the UAE’s hydrocarbon economy will soften in the coming years. Instead, GDP growth will be driven primarily by the non-oil sector — and, in particular, the private non-oil sector, as fiscal stimulus is gradually scaled down in an attempt to consolidate the fiscal position. Construction and hospitality sectors in Dubai will likely see the most growth.
For ease of doing business, the World Bank’s 2014 index ranks it 23rd among 189 countries in this regard. For 2014, the International Monetary Fund forecasts GDP growth for the UAE at 3.9%.
More information about RAK FTZ may be found at http://rakftz.com.