The Emirate’s ambitious strategy to become the next hub of Middle Eastern luxury seems to have started to bear fruit.
For most U.A.E. residents, Ras Al Khaimah instantly conjures up images of leisurely hikes along scenic mountains or lazy afternoons at the beach. The business-minded gravitate towards RAK Ceramics or RAKBANK, while those in awe of history wax lyrical about the area’s 7000 years of human habitation, most prominently seen in the 18th-century Dhayah Fort.
All this is about to change. Ras Al Khaimah is in the midst of an extensive rebrand, positioning itself as the next hub of ultra-luxury for high-net-worth individuals.
Christie’s International Real Estate Dubai itself is all set to begin operations in the Emirate. Our refined, reliable and discreet services centre around offering bespoke access to the rarest global marketplaces, and Ras Al Khaimah is no different. We offer exclusive inventory for the upcoming luxury beachfront residences at Falcon Island, and are also in the process of introducing branded residences to the market.
First-time visitors can already see the changes. The breathtaking vistas of the tranquil Arabian Gulf have begun to be dotted by the kind of high-end villas that first put Dubai on the radar of the global luxury industry. Those enjoying the lulling waves can see hotels like the Waldorf Astoria in the distance. A few years from now, they will be able to relax under the shade of Wynn Resorts’ next gaming destination as well. The first-of-its-kind in the U.A.E., it is valued at a whopping US$3.9 billion and is expected to spread across almost 250,000 sq m. A recent report by Ernst & Young has estimated that annual tourists to Ras Al Khaimah would quadruple by 2030 as a direct result.
In the meantime, leading international brands like Radisson and Mövenpick have already opened their doors, adding approximately 8000 rooms to the Emirate. Not far behind are such names as Nobu.
Mix in the emirate’s state-of-the-art, nature-related activities, including Bear Grylls Explorers Camp, and this is an ambitious FDI strategy to say the least. It is being supplemented by a sustained push towards turning tourists into permanent residents. One suspects that programmes like the U.A.E.’s 10-year, automatically renewable Golden Visa will play a major role in this, as will the slew of upcoming luxury developments, like the stylish villas and townhouses of Falcon Island.
A renewed infrastructure push is also taking shape, primarily in the form of a state-of-the-art, international airport and an upgrade to the famed waterfront.
This is an overarching strategy for the long-term that is already paying dividends, with 1.1 million overnight arrivals last year setting a new record that includes a 40% gain in tourists — Russia, Kazakhstan and the U.K. being the highest contributors.
Ras Al Khaimah is set to enjoy success because of its ability to appeal to multiple segments of the real estate market at once, with upscale new residences, high ROIs, an incomparable slate of world-class leisure and entertainment destinations, and, if nothing else, the towering mountains and soothing seas.
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