In 2008 HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, signed the AED348 million contract with China Harbour Engineering Co to carry out the dredging of the inland water channel and building of this new maritime industrial park adjacent to Saqr Port. Located approx 25 km north of Ras Al Khaimah City, the new RAK Maritime City has approx 5 km of new quay wall and a new harbour with an entrance approach depth of 9 metres, and a depth of 7 metres at all the new berths. The total area of this new maritime industrial park is approx 8 million sq metres (800 hectares).
The first phase of the RAK Maritime City (RAKMC) will be completed by the end of March 2010. This will give full operational marine access to all the berths and all the real estate areas will be leveled and graded. RAKMC will be open for business.
The second phase will involve a budgeted expenditure of AED150 million to provide the infrastructure development – roads, lighting, drainage, electricity and water services, telecoms, security fencing and gating system, together with office accommodation for Customs, Immigration and the RAKMC Administration.
RAKMC was created as a Free Zone by Emiri Decree in Dec 2009, and the Decree also confirmed the boundaries of the new maritime city.
RAKMC Free Zone will issue both FZE and FZCo licenses. Work permits and residence visas will also be issued by RAKMC. The Free Zone is divided into two types of plots – i) plots with a linear quay length as part of its boundary, and giving exclusive use of that quay, and ii) plots with no direct access to the water and located away from the harbour area.
RAKMC is also zoned into areas for specified uses – retail, warehousing, general cargo handling, industrial production and manufacturing, and ship building and repairs. Plots are available with a minimum size of 25,000 sqm. However, plots with an exclusive berth / jetty of 100 linear meters will necessitate a minimum leased area of approx 40,000 sqm. Lease agreements are being offered for 25 years, renewable for a further 25 years. Longer leases will be considered for periods up to 99 years.
Ras Al Khaimah
With its advantage of being the first emirate at the entrance to the Arabian Gulf, Ras Al Khaimah is currently implementing a major infrastructure upgrade that will see expansion of its port capacities, development of new truck roads, airport facilities and a new rail link to other GCC countries. HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has recently ordered a US$900 million 2nd phase expansion for Saqr Port. This expansion will create a total of 13 new berths with a draft of 15.5 metres.
Saqr Port is the largest bulk commodity port in the entire Middle East, handling nearly 27.5 million tonnes of bulk and assorted cargo during 2009. The port has 12 berths with a draft of 12.2 metres.
The RAK GDP has grown over 50% in 6 years under the direction of HH Sheikh Saud, from AED6.6 billion in 2002 to AED13.6 billion in 2008. Exports from RAK registered a 5-fold growth from a mere AED1.8 billion in 2002 to AED9.7 billion in 2008. Imports to RAK have grown from AED1.2 billion in 2002 to AED4.2 billion on 2008.
Standard and Poor’s Rating Services has affirmed its "A" long term and "A-1" short term sovereign credit ratings on RAK, reflective of the emirate’s strong economic fundamentals.