Ras Al Khaimah: Dubai Investment Prospects in Real Estate

11:36 pm  |  29.12.2023

Ras Al Khaimah, the Northern Gem of the UAE, emerges as a prime destination for real estate investors. With burgeoning development, the emirate presents lucrative investment prospects, attracting both local and international interest.

Strategic Location and Climate Appeal

Nestled in the northern region of the Emirates, Ras Al Khaimah boasts a distinctive allure due to its unique location and climate. Surrounded by mountains and lapped by the Persian Gulf, it offers an environment akin to Dubai but with its subtle distinctions. The comfortable year-round climate enhances its appeal for both residents and businesses.

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Positioned along the Persian Gulf and well-connected to Dubai, Ras Al Khaimah is evolving into a pivotal hub for trade and logistics within the UAE. The emirate’s seven ports contribute to a robust logistics infrastructure, rendering it highly attractive to global businesses seeking strategic connectivity.

Tourism Dynamics: A Driving Economic Force

Tourism stands as a cornerstone in Ras Al Khaimah’s development, evident in the remarkable surge of tourists in the first half of 2023, marking a 15% increase in visitor numbers. Boasting 62 kilometers of scenic beaches and a spectrum of recreational activities, the emirate continues to magnetize tourists, thereby fostering consistent growth in tourism revenue.

Tourism stands as a cornerstone in Ras Al Khaimah’s development, evident in the remarkable surge of tourists in the first half of 2023, marking a 15% increase in visitor numbers.

The emirate is witnessing a rapid expansion of the hospitality sector, with major hotel chains like InterContinental making their mark. Anticipated resort openings, including the Westin Resort and Le Méridien Al Marjan Island Resort, further diversify options for tourists and potential investors.

Landmark Development: The First Middle East Casino

In a groundbreaking move, Ras Al Khaimah has embarked on a large-scale project to establish the first and only casino in the Middle East. This strategic initiative aims to attract both tourists and investors, with a total construction cost of $3.9 billion. Renowned American company Wynn, recognized for its iconic casinos in Las Vegas and Macau, leads this ambitious project, integrated into the Wynn Marjan resort.

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The forthcoming UAE casino will anchor an expansive entertainment complex, featuring a hotel boasting over 1,500 rooms, luxury suites, villas, shops, an entertainment center, health and spa facilities, along 24 restaurants. The resort’s inauguration is poised to generate an additional 5-7 thousand jobs, contributing significantly to the emirate’s economic advancement and bolstering its stature in tourism and investment.

Economic Diversification and RAKEZ’s Role

While the oil industry remains a primary income source, Ras al Khaimah is proactively diversifying its economic landscape. Industries like ceramics, cement production, pharmaceuticals, and high-tech enterprises are gaining prominence. 

The large RAKEZ-free economic zone serves as a magnet for foreign investors, hosting over 18,000 companies across diverse industries, and offering various benefits, including business licenses and assistance with residence visas.

Business Versatility: Virtual and Physical Offices in Free Economic Zones

Companies operating in free economic zones enjoy a spectrum of activities, encompassing commerce, services, industry, media, education, and private enterprise. Plans include establishing a free economic zone tailored for companies specializing in cryptocurrencies.

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The local real estate market in Ras Al Khaimah presents a golden opportunity for investors to acquire promising properties on favorable terms. Untouched plots on the first line provide unique prospects, with their value expected to rise as their availability decreases. The current scenario is deemed favorable for real estate investments, showcasing the emirate’s potential for sustained growth.

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