Ras Al Khaimah, a territory in the United Arab Emirates, is making a name for itself as an attractive destination for high net worth individuals. Known for its scenic mountain peaks and ceramics company, the emirate is undergoing a transformation to position itself as a haven for wealthy individuals.
With its strategic location just 45 minutes away from Dubai’s international airport, Ras Al Khaimah offers a panoramic view of a city undergoing rapid development. From the top of the RAK International Corporate Centre, foreign tycoons can witness the emirate’s evolution. To the north lies a vast expanse of desert, while luxurious villas adorn the picturesque Persian Gulf coastline. Notably, renowned company Wynn Resorts Ltd. has plans to establish a $3.9 billion gaming resort in the area.
Under the guidance of its visionary sheikh, Ras Al Khaimah is pursuing a robust foreign direct investment strategy. This has attracted five-star hotels, industrialists, and adventurous tourists from countries such as Russia and the Czech Republic. The emirate’s efforts are further bolstered by the UAE’s citizenship-by-investment program, which is expected to draw in more individuals.
Plans are also in motion to establish a super-yacht storage facility and position Ras Al Khaimah as a hub for yacht manufacturing. In fact, a prominent Polish yacht maker intends to invest €30 million ($33 million) to produce luxury catamarans in the emirate, with renowned figures like tennis star Rafael Nadal and Formula One champion Fernando Alonso among their clientele.
The emirate’s ambitious pursuits have led some to dub it the “Las Vegas of the Gulf.” However, stakeholders emphasize that Ras Al Khaimah’s unique identity should not be overshadowed, as the government aims to achieve multifaceted returns on its capital investment, encompassing financial, social, and cultural aspects.
Despite its smaller size relative to other UAE emirates, Ras Al Khaimah faces challenges in realizing its grand aspirations. Large portions of the city still retain a deserted feel, and past projects, such as a canceled $1 billion soccer-themed resort by Real Madrid, serve as reminders of previous setbacks.
Nevertheless, as Dubai becomes increasingly congested and expensive, Ras Al Khaimah is beginning to shine brighter. The emirate set a record for annual visitors, attracting over 1.1 million overnight arrivals in the previous year. This included a significant rise in foreign tourists, particularly from Russia, Kazakhstan, and the UK.
Looking ahead, the emirate is eyeing affluent Chinese visitors as COVID-19 travel restrictions ease. The proposed Wynn project, positioned between Macau and Las Vegas, aims to entice wealthy travelers from the Middle East, Europe, and Africa. Ras Al Khaimah seeks to transform its tourism surge into long-term economic benefits, capitalizing on the UAE’s citizenship program for foreign investors and specialists.
While the prospect of a Wynn Resort is exciting, the operation of a casino remains uncertain due to Sharia law, which prohibits gambling in the UAE. However, the emirate has already attracted significant investments from renowned hotel chains such as InterContinental Hotels Group, Mövenpick, and Radisson. With an inventory of over 8,000 rooms and plans for 19 additional properties, including globally recognized brands like Westin and Nobu, Ras Al Khaimah is poised for further growth, adding nearly 6,000 rooms in the coming years.