RAK, US Bilateral Trade Experiences 67% Growth in 5 Years

United Arab Emirates – Two-way trade between Ras Al Khaimah and the United States has seen steady growth over the past five years, reaching a total value of Dh558 million in the past year alone, authorities said.

Mohamed Al Nuaimi, president of the Chamber of Commerce and Industry, stressed the importance of economic relations between the two sides, saying that the United States represents one of Ras Al Khaimah’s main trading partners. The United States currently ranks second in terms of export markets to the emirates and sixth in terms of total trade volume with Ras al Khaimah. Trade between the two experienced 67 percent growth over the past five years.

Ras Al Khaimah accommodates 113 US companies performing 248 different activities, including commercial and repair services, manufacturing industries, real estate and leasing, transportation and warehousing, hotels and restaurants, construction and community services, education, financial intermediation, healthcare, agriculture and mining.

Al Nuaimi recently met with Thomas Bruns, regional senior trade officer for the Gulf and trade advisor at the US Embassy in the UAE. The meeting was attended by Mohamed Hassan Al Sabab, Director General of the RAK Chamber of Commerce and Industry, and Eman Al Hayas, Deputy Director General of the Business Services and Development Sector of the Ras Al Khaimah Chamber of Commerce and Industry. Ways to strengthen economic cooperation between the two parties were discussed at the meeting.

Al Nuaimi highlighted the importance of the meeting to connect the private sector to strengthen economic ties in different sectors of common interest. He added that the SME exhibition that took place in November 2019 was a transitional phase in the business relations of SMEs in many countries of the world and Ras Al Khaimah, and in particular the US companies that participated in the exhibition. In addition, he noted that the Ras Al Khaimah Chamber of Commerce and Industry sponsors the Stevie Awards, which promote and support the growth of SMEs, with companies from 26 countries participating in the award.

“Our vision for the future is to attract entrepreneurs and investors to the emirate and encourage them and offer them all the facilities to ensure their sustainability,” he said.

Thomas Bruns praised the development observed by Ras Al Khaimah in the past 10 years and the economic boom, and hoped to strengthen the partnership with the Ras Al Khaimah emirate. He expressed appreciation for the constant progress made by the emirate in adopting open economic and investment policies, as well as its efforts to boost its position as one of the key investment destinations in the region. He also underscored the importance of organizing a virtual event to bring business communities together to discuss and explore investment opportunities.