Ras Al Khaimah: A paradise for emerging UAE billionaires, rivaling Dubai’s dominance

Ras Al Khaimah (RAK), the northern territory of the United Arab Emirates (UAE), is rapidly developing into a sought-after destination for wealthy individuals seeking a blend of business and tourism. With its picturesque mountain peaks and coastline along the Persian Gulf, Ras Al Khaimah’s setting is a stark contrast to Dubai’s bustling cityscape.

Ras Al Khaimah, led by the American-educated sheikh Ras Al Khaimah, is pursuing an ambitious foreign direct investment (FDI) strategy to attract high-profile investors from various countries, according to a report published by Bloomberg. Five-star hotels and adventurous travelers. The emirate’s allure isn’t just about its natural wonders, it’s positioning itself as a haven for those looking for unique experiences and lucrative business ventures.

Ras Al Khaimah’s efforts to lure the wealthy go beyond its scenic beauty and vibrant culture. According to reports, the UAE is actively utilizing the UAE’s Citizenship by Investment Programme, which offers select foreign investors and experts the opportunity to obtain citizenship.

This plan, together with the development of a new free zone for digital and virtual asset companies, further enhances Ras Al Khaimah’s appeal as a thriving center for international business and innovation.

For all its laudable ambitions, Ras Al Khaimah faces unique challenges. As one of the UAE’s smaller emirates, Ras Al Khaimah must find its way in an increasingly competitive environment, with Dubai often stealing the show.

Tourism in the emirate has grown significantly, with record-breaking annual visitor numbers and a notable surge in foreign arrivals last year, according to Bloomberg. Russia, Kazakhstan and the United Kingdom are key markets for Ras Al Khaimah’s success.

Going forward, RAK aims to attract affluent tourists from the Middle East, Europe and Africa and is strategically positioned between Macau and Las Vegas with plans to build a Wynn resort. However, questions remain about Wynn Ras Al Khaimah’s operations given domestic laws restricting gambling.

While there are currently no plans to allow casinos, early discussions suggest the policy could change. At the same time, Ras Al Khaimah continues to invest heavily in five-star hotels, with well-known brands such as InterContinental Hotels Group, Mövenpick Hotel and Radisson Hotel opening new hotels.

Izzat Dajani, a former senior banker at Goldman Sachs Group Inc., said some people now like to call it the Las Vegas of the Gulf, but ultimately RAK should be RAK because it has a lot to shape its direction.

Dajani, founding CEO of the RAK Investment and Development Office, added that the government will consider the return on capital in financial, social and cultural terms.