36 C
Dubai
Thursday, June 12, 2025
spot_img

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

[ad_1]

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.

advertise

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.

popular videos

  • Arjun Bijlani talks ‘Pyaar Ka Pehla Adhyaya-ShivShakti’ & hosts ‘India’s Got Talent’ | Arjun Bijlani Exclusive

  • Rikkie Valerie Kollé Makes History as First Transgender Woman to Win Miss Netherlands

  • Jawan Prevue: Shah Rukh Khan’s ferocious avatar is stunning; Vijay Setupati, Deepika, Nayantara impressed

  • ‘Bawar’ trailer: Varun Dhawan and Janhvi Kapoor’s film confuses fans with mention of Hitler

  • Ranveer, Deepika hit | Anushka misses time spent holidaying in London with Virat SPKK continues to shine

  • 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.

    RohitRohit is a News18.com reporter with a passion for world affairs and a love of…read more

    Initial Release: Jul 11, 2023 00:34 CST

    Last updated: Jul 11, 2023 00:34 CST

    [ad_2]

    Source link

    Related Articles

    UAE Announces Powerful Four-Day Public Holiday for Arafat Day and Eid Al Adha 2025…

    UAE  has officially announced a four-day public holiday to mark Arafat Day and Eid Al Adha 2025, creating a wave of excitement across the...

    Dubai Roads and Transport Authority (RTA) has announced adjusted service hours for public transportation during the Eid Al-Adha holiday

    Dubai Roads and Transport Authority (RTA) has announced revised schedules for public transport services across the city in preparation for the upcoming Eid Al-Adha...

    UAE Universities Surge in Global Rankings as Academic Excellence Gains Momentum

    UAE are rapidly climbing the ladder of global academic prestige, marking a new chapter in the country’s ambition to become a leading hub for...

    Sharjah Secures Global Spotlight as Host of Prestigious World Investment Conference 2025

    Sharjah is set to take center stage in the global investment arena as it prepares to host the 29th edition of the World Investment...

    Reimagining Tomorrow: Jaswanth Raj and the Heart Behind Hygnal

    Hygnal is shaping the future of next-generation technologies, ushering in a new era of innovation. With a mission to develop groundbreaking solutions that challenge...

    Latest Articles