2024 can be called the year of Ras Al Khaimah (RAK). Since the announcement of the first UAE casino in the emirate, leading developers have shown unprecedented interest.
GENERAL INFORMATION
Ras Al Khaimah (from the Arabic term “top of the tent”) is the northernmost emirate of the 7 that make up the United Arab Emirates, with the capital of the same name. Area – 2,478 km².
It is known for its scenic diversity, ranging from 64 km of pristine beaches to deserts and mountains, as well as a rich history of 7,000 years.
POPULATION
400,000 people in 2021, compared to 345,000 in 2015. 37% of the population is made up of Emirati citizens, which is higher than in Dubai.
ECONOMY
The emphasis is on non-oil revenues. The economy is based on various sectors: tourism, business, manufacturing, shipping, and transportation, each with a share of GDP that does not exceed 26%, thus increasing flexibility.
BUSINESS
An important element of the entrepreneurial ecosystem are the Free Zones that attract foreign investment. The RAKEZ zone welcomed more than 1,500 new companies in the second quarter of 2023 (+132%). In 2023, the world’s first Free Zone for digital and virtual asset companies was launched.
TOURISM
The Gulf Cooperation Council chose RAK as the region’s tourist capital in 2020 and 2021. In addition to the sea and 5-star resorts, tourists are attracted by the archaeological sites and the highest mountain in the UAE, Jebel Jais.
SAFETY
RAK is the first in the world to receive the “safe” certification from Bureau Veritas and the first in the UAE to receive the “safe” seal from the World Travel and Tourism Council (WTTC).
MESS
📍 Marjan Island
The casino will be part of the Wynn Marjan resort, operated by Wynn Resorts, known for its casino hotels in Macau, Boston and Las Vegas. The casino in RAK will be twice the size of the one in Las Vegas. Surface area – 18,500 m², opening – 2027.
REAL ESTATE
RAK offers foreign investors the possibility of owning 100% real estate and the absence of income taxes. The main developer is the state-owned company RAK Properties. However, in 2024, beachfront projects were launched in the emirate by Emaar, Ellington, Aldar Properties, and many others.
