(WAM) –Ras Al Khaimah’s manufacturing exports grew 32 percent between 2017 and 2019, hitting AED3.803 billion in 2019, Ras Al Khaimah Chamber of Commerce and Industry revealed in a study recently issued by the Department of Studies and Commercial Cooperation.
“The share of manufactured exports in the emirate’s total exports increased from 41 percent in 2017 to 58 percent in 2019, which underscores the key role of the manufacturing sector in the economy of the emirate of Ras Al Khaimah,” said Mohamed Hassan Al Sabab, Acting Director General of RAK Chamber of Commerce and Industry.
“The manufacturing sector represents the safety valve that protects the economy against any repercussions, with the sector’s capacity to maintain its sustainability, generate income and continue to offer job opportunities. The steadiness of these productive industrial sectors is that they are closely associated to the basic essential consumer needs, despite the decline which may occur under the economic crisis, such as the current one,” he added.
Al Sabab further said: “The export industries and the industrial exports in Ras Al Khaimah have a great role in maintaining the economic stability, with the diversity of the production sectors continue to lead Ras Al Khaimah economy scene as a key player and an effective engine that strengthen the emirate’s competitiveness, as these industries represent a key pillar for the sustainable economic growth, while the industrial policies continue to play a great role in supporting the foreign investment in the industrial sector, which in turn enhanced the sector role in maintaining the economic stability”.
Eman Al Hayyas, Assistant Director General of the Commercial Services and Business Development Sector in Ras Al Khaimah Chamber of Commerce and Industry stated that the local exports memberships represented 56 percent of the total industrial exports of RAK.
Of these, the industrial zone represented 41%. The qualified industrial zones which include Al Jazeerah Al Hamra, Al Ghail and Khor Kuwair contributed 87.7 percent of the total exports. These exports strengthened the trade relations with the emirate’s international partners, led by GCC countries which contributed with 51 percent of the emirate’s total industrial exports.
Al Hayyas added the countries that import the emirate’s products reached 137 countries from various regions across the world, supported by foreign and local investments which recorded the value of billion and AED741 million at the time of companies’ registration, and provided job opportunities to over 34,000 individuals.
The number of industrial companies exporting reached 370, running business in five main production categories, including (metal products, transport equipment, normal metals, video and audio recording systems, products of stone, gypsum or cement) which contributed 75 percent of the total industrial exports. On the other hand, the industrial exports represented 81 percent of the total of 19,886 certificates of origin, which represented the number of deals concluded by the companies.
Additionally, Saudi Arabia topped the countries which received exports from Ras Al Khaimah worth AED994 million representing 26 percent of the total industrial exports of the emirate, followed by Kuwait at AED384 million, with 10% exports; India at AED343 million, represented 9 percent; followed by the USA with 5 percent, amounted to AED176 million; Oman represented 4 percent with AED140 million, and Iraq with AED134 million represented 3.5 percent. Bangladesh, Egypt, Russia, Bahrain, Pakistan, Singapore, Ethiopia, Sudan and Algeria, respectively along with the rest of 137 countries across the world accounted for the rest.