Ras Al Khaimah: The Emerging Billionaire’s Paradise in UAE, Rivalling Dubai’s Dominance – News18

Ras Al Khaimah (RAK), a northern territory of the United Arab Emirates (UAE), is rapidly growing as a sought-after destination for wealthy individuals looking for a blend of business and tourism. With its picturesque mountain peaks and a coastline along the Persian Gulf, RAK offers a setting that is distinct from the bustling cityscape of Dubai.

RAK, led by US-educated sheikh Ras Al Khaimah, is pursuing an ambitious foreign direct investment (FDI) strategy to attract high-profile investors, five-star hotels and adventurous tourists from various countries, according to a report published in Bloomberg. The emirate’s allure extends beyond its natural wonders, as it positions itself as a haven for those seeking exclusive experiences and lucrative business ventures.

RAK’s bid to entice wealthy individuals are not limited to its scenic landscapes and vibrant culture. According to the report, the emirate is actively tapping into the UAE’s citizenship-by-investment program, which grants select foreign investors and specialists the opportunity to obtain their citizenship.

This program, coupled with the development of a new free zone for digital and virtual asset companies, further strengthens RAK’s appeal as a thriving hub for international business and innovation.

While RAK’s ambitions are commendable, it faces unique challenges. As one of the smaller emirates in the UAE, RAK must navigate its way through an increasingly competitive landscape, with Dubai often stealing the limelight.

As per the Bloomberg report, the emirate has already witnessed a significant increase in tourism, with record-breaking annual visitor numbers and a notable surge in foreign tourists last year. Russia, Kazakhstan, and the UK are among the key markets contributing to RAK’s success.

Looking to the future, RAK aims to attract wealthy visitors from the Middle East, Europe, and Africa, positioning itself strategically between Macau and Las Vegas with a planned Wynn resort. However, questions linger regarding the operation of a Wynn Resort in RAK, given the restriction on gambling under domestic laws.

While there are no immediate plans to allow casinos, early discussions suggest a potential change in policy. In the meantime, RAK continues to invest heavily in five-star hotels, with renowned brands such as InterContinental Hotels Group, Mövenpick, and Radisson opening new facilities.

Izzat Dajani, a former senior Goldman Sachs Group banker, said that some now like to call it the Las Vegas of the Gulf, but ultimately RAK should be RAK as it has plenty to shape its direction.

Dajani, who is the founding chief executive of the RAK Investment and Development Office, added that the government will be looking at the return on capital in financial, social and cultural terms.