According to the latest data from Ras Al Khaimah’s municipality, the emirate experienced a 45% increase in overall real estate transactions in the first half of 2022, compared to H1 2021.
Ambitious targets
In those six months alone, it recorded more than AED 4 billion US$1 billion) worth of real estate transactions.
Therefore SHA estimates the emirate is set to grow its hotel rooms supply by over 70% in the next five years. With several new properties in the pipeline, the RAK portfolio of hotels is expected to reach over 12,700 keys.
Wynn win
Wynn Resort Al Marjan Island is one of the latest announcements, with the 310-key site marking the first integrated resort in the Gulf Cooperation Council countries when it arrives in Q1 2026.
Over the past 5 years, SHA has participated in the pre-opening and opening of 10 hotel projects across its portfolio, helping to successfully transition hotels from concept development to operation.
Green considerations
With sustainability at the forefront, Ras Al Khaimah Tourism Development Authority (RAKTDA) mapped out a Sustainable Tourism Destination Strategy in 2021, across 20 new sustainable tourism projects valued at AED 500 million (US$136 billion), aimed to be delivered by 2025.
Following a track record of project delivery under RAKHH, SHA has been appointed to offer professional pre-opening and asset management services for a number of upcoming projects across the GCC, in key markets including UAE, Oman, and the Kingdom of Saudi Arabia.
Investment destination
Tatiana Veller, MD of SHA said: “Ras Al Khaimah is an increasingly attractive market for investors and real estate owners at the moment. From coastal to mountain tourism, RAK provides a wide landscape of development opportunities to suit the various needs and tastes of international and domestic travellers. With several hotels and attractions launched for those seeking wellness, leisure, adventure and beyond, RAK is set to become the premier travel destination for guests from all over the world. We look forward to working alongside our partners in driving new opportunities to attract further investments to the emirate, ultimately contributing to the development of the overall economy and varied sectors.”
Donald Bremner, chief operating officer of RAKHH added: “RAK has increasingly become an attractive investment destination and we continue seeing international hotel groups and developers locking in impressive deals to build in the emirate. Simultaneously, we are working towards building the necessary infrastructure to support the construction of such projects and further attract expatriates into the city.”
