As more and more people flock to Dubai, making it more congested and expensive, another emirate’s star could rise.
Located about 45 minutes from the megacity known for its luxury shopping, Ras Al Khaimah is already famous for its mountains and ceramics industry.
Now it is trying to lure wealthy individuals like hoteliers, industrialists and adventure-seeking tourists from all over the world.
How does he plan to do this?
Aside, Bloomberg The emirate is likely to benefit from the UAE’s citizenship-by-investment programme, citing immigration consultants.
On the other hand, RAK, which some call the Las Vegas of the Bay, is working to establish a new free zone for digital and virtual asset companies.
Furthermore, the emirate aims to become a yacht-building hub.
According to Ezzat Dajani, founding chief executive of Ras Al Khaimah Investment and Development Office, the emirate’s sovereign wealth fund: “Some people now like to call it the Las Vegas of the Gulf, but ultimately RAK has to be RAK because it has a lot to offer. ” Set its direction.
“The government will look at return on capital in a number of ways – financial return, social return and cultural return.”
However, RAK undoubtedly faces a number of challenges. While many parts of the city still need a lot of development. On the other hand, not all of its plans come to fruition.
Despite this, Emirates is inching closer to its goal.
According to BloombergRAK “set a record for annual visitors with more than 1.1 million overnight arrivals, a 16% increase over the previous year, including a 40% increase in foreign tourists.”
Furthermore, Emirates aims for long-term economic returns, thereby ensuring that its investors stay for the long term.
Although gambling and casinos are still illegal in the UAE, creating barriers for some investors, five-star hotels are already investing heavily in RAK. Bloomberg The report noted that “Intercontinental Hotels Group, Mövenpick and Radisson each opened new facilities last year, increasing Emirates’ inventory by 17% to more than 8,000 rooms.
“Work is underway on another 19 properties, which also include global brands such as Westin and Nobu, which will be built by a Russian developer.”