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Ras Al Khaimah’s municipality reported a 45% increase in the value of overall real estate transactions, totaling AED4 billion, in the first half of 2022 compared to the same period in 2021.
The news of Wynn Resorts entering the emirate sparked significant interest and has helped to enhance the reputation and attractiveness of RAK.
In 2021, the Ras Al Khaimah Tourism Development Authority (RAKTDA) developed a Sustainable Tourism Destination Strategy with a budget of AED500 million. The strategy includes 20 new sustainable tourism projects that are planned to be completed by 2025.
Donald Bremner, COO of Ras Al Khaimah Hospitality Holding (RAKHH), said: “RAK has increasingly become an attractive investment destination, and we continue seeing international hotel groups and developers locking in impressive deals to build in the emirate. Simultaneously, we are working towards building the necessary infrastructure to support the construction of such projects and further attract expatriates into the city.”
Wide landscape of development opportunities
Stirling Hospitality Advisors (SHA), the advisory arm of RAKHH, recently shared its plans for the rapid growth of the hospitality sector in Ras Al Khaimah. Over the past five years, SHA has provided consulting services for approximately 30 projects in the northern emirate, including hotels, luxury resorts, experiential camps, and more.
Tatiana Veller, MD of Stirling Hospitality Advisors, concluded: “Ras Al Khaimah is an increasingly attractive market for investors and real estate owners. From coastal to mountain tourism, RAK provides a wide landscape of development opportunities to suit the various needs and tastes of international and domestic travellers.
“With several hotels and attractions launched for those seeking wellness, leisure, adventure and beyond, RAK is set to become the premier travel destination for guests from all over the world. We look forward to working alongside our partners in driving new opportunities to attract further investments to the emirate, ultimately contributing to the development of the overall economy and varied sectors.”
