Ras Al Khaimah (or RAK) is one of the seven emirates which combined to form the federation of the United Arab Emirates (UAE) between 1971 and 1972. The UAE is located in the Southeast of the Arabian Peninsula, bordering Saudi Arabia and Oman, with Iran across the sea. The capital city of the UAE is Abu Dhabi, situated within the largest and wealthiest of the seven emirates. The population numbers 9.3 million and boasts one of the highest per capita incomes in the world. Local time is 2 hours ahead of Central European Time. The official language is Arabic and the currency of the UAE is the Dirham. RAK offshore company formation is administered by the RAK Investment Authority and the Registrar of Companies.