Ras Al Khaimah, located in the United Arab Emirates, is becoming a thriving economic fortress, developing industries such as manufacturing, services and tourism.
The emirate has a population of 0.4 million and a GDP of approximately US$11 billion. The GDP per capita is about US$28,500. Its strategic location between East and West has made the emirate a key center for international trade, also aided by its proximity to Dubai.
The relatively recent announcement of a $2.5 billion integrated gaming resort (casino) and Wynn hotel to be built in 2022 has cemented Ras Al Khaimah’s status as one of the region’s most important real estate and tourism hubs.
In addition, major UAE developers such as Aldar, Dubai Investments and Abu Dhabi International Hotels, RAK Properties, EMAAR, Ellington Properties have invested heavily in the emirate, which underlines its overall attractiveness for investors. These developments highlight Ras Al Khaimah’s attractiveness to both international and regional investors.
We also consider it necessary to note that, for example, in the 1st half of 2022 in Ras al-Khaimah, the amount of land and real estate transactions amounted to 4 billion dirhams. This period became something of an “investment boom” in this emirate, due to high-profile investments by large companies such as Wynn Resorts, Aldar Properties and Dubai Investments in projects such as Danah Bay. Al Hamra’s strategic development plan includes a Dh1 billion investment campaign, while Abu Dhabi National Hotels and Dubai Investments are committing Dh1 billion to resort and residential projects in Al Marjan. RAK Properties has unveiled a new phase of Bay Residences on Hyatt Island, Al Hamra has launched premium sea view villas on Falcon Island, and luxury brand Nobu is set to build a hotel, 300 luxury residences and a renowned Japanese restaurant on Al Marjan Island. All these developments together highlight the dynamism and promise of real estate development in Ras Al Khaimah.
Ras Al Khaimah’s tourism industry is experiencing rapid growth, marked by the opening of luxury resorts and hotels in recent years. With the government’s focus on developing eco-friendly tourism, more tourists are visiting the emirate, making it an attractive destination for tourism investment. Thus, in 2022, the emirate recorded a record 1.13 million tourists, which exceeded the figures of 2019, which preceded the pandemic.
The diverse investment landscape, from luxury residential and commercial properties to manufacturing and tourism opportunities, is certainly attracting attention. The surge in demand for real estate is expected to push up property prices, which could eventually lead to higher rents for investors.
The emirate’s booming economy, coupled with a thriving tourism sector and a vibrant property market, makes Ras Al Khaimah an attractive investment destination.
