Wynn Resorts settles in Ras Al Khaimah, the fourth largest emirate in the UAE; local business community expects a significant increase in companies and tourists

The fourth largest emirate of the UAE, Ras Al Khaimah (RAK), has recently introduced an investment of over $5 billion for the Wynn Resorts project. Abdulla Al Abdouli, CEO of Marjan Group in the country, stated in an interview that the establishment of Wynn will bring disruptive changes, estimating that the proportion of international travelers will significantly increase from the current approximately 50%. Coupled with local infrastructure and tax incentives, it may attract thousands of overseas enterprises to settle, leading to strong demand for housing and retail. Therefore, he hopes to collaborate with more professionals from Hong Kong and revealed that some Hong Kong design professionals have come to seek opportunities.

Abdulla Al Abdouli mentioned that Ras Al Khaimah's GDP reaches $12 billion, with relatively low reliance on the oil and gas industry, while manufacturing and tourism account for 27% and 5% of GDP, respectively, and many family offices have settled there. For example, in tourism, the country attracted 1.35 million travelers last year, with mainland Chinese tourists accounting for 19%, aiming to increase to over 3.5 million travelers by 2030. He anticipates that Wynn Resorts will attract more international travelers, predicting that an additional 22,000 hotel rooms will be needed over the next seven years to meet demand, and will also utilize the coastline and mountains to develop more ecological tourism experiences.

Regarding the operation of Ras Al Khaimah's free trade zone, Sandra Marie Louw, CEO of RAK International Business Center, stated that by allowing foreign investment to be fully owned and exempting corporate income and personal income taxes, the area has attracted businesses and family offices from the Middle East and Asia, including Hong Kong, and is expected to attract more family offices in the future.

Sameh Muhtadi, CEO of Ras Al Khaimah Real Estate, indicated that Wynn, along with the developing RAK Central integrated project, will bring a new change to the country. With local property prices equal to one-third of Hong Kong's prices and an average price per square foot of $750, along with abundant living amenities, it attracts buyers from India, Russia, the UK, the Netherlands, and Germany; net rental yields are expected to reach 6% to 7%, which is likely to attract Hong Kong investors. Based on the expectation of more overseas guests coming to live, he estimates that an additional 45,000 units will need to be built to meet demand and is seeking to collaborate with various institutions for development