The UAE city of Ras Al Khaimah will see major investments in several sectors in 2024 as the economy prepares for massive growth this year, experts told Arabian Business.

"Ras Al Khaimah is going through a transformational period, diversifying its economy beyond traditional industries such as ceramics and cement," said Rami Jallad, CEO of RAKEZ Group.

The northern emirate is currently experiencing exponential growth in sectors such as tourism, hospitality, trade, e-commerce, property and services. Much of this has been fuelled by the announcement of the imminent opening of a casino at the Wynn Al Marjan Island resort.

Jallad expects the resort to directly attract "significant investment" in the entertainment, hospitality and construction sectors, which will have a significant impact on the economy and help create new jobs. "We are already seeing high interest from global investors looking to become part of the emirate's business landscape," he added.
"Large projects like this tend to have a catalyst effect, fuelling growth in related industries."

Ahead of the resort's opening in early 2027, foreign investment in RAK has already seen a marked increase. Before 2023, almost none of the property investors from China were interested in Ras Al Khaimah, a source told Arabian Business last year. However, after the announcement of the Wynn resort, many of them have become interested in the city's property market.
Analysts predict high medium and long-term growth prospects for the emirate's economy due to the resort's operations. Nemr Kanafani, senior economist at The Conference Board MENA, believes the gaming industry could eventually boost the UAE's GDP through tourism by 10-15 per cent and expand the national economy by 1-1.5 per cent once fully developed in the coming years.

"The emirate has the potential for significant growth in the tourism sector and plans to build a casino can help with this," Kanafani said, stressing that Ras Al Khaimah is now open to different categories of tourists, which will only have a positive impact on the UAE's overall appeal as a leisure and business destination.

The $3.9 billion gaming resort represents a significant investment and is expected to boost Ras Al Khaimah's GDP by three percentage points this year alone. Vikas Lakhwani, chief revenue officer at CPT Markets, agrees with Jallad's views and expects the project to drive growth in various sectors of the economy, attracting both local and international tourists.
The casino, he believes, will boost the emirate's tourism appeal, with some forecasts suggesting it could attract more than 3 million tourists by 2030.
"RAK's strategic efforts to diversify its economy, coupled with a business-friendly environment with favourable regulations and tax incentives, make it an attractive destination for foreign investment. The emirate's emphasis on sectors such as tourism, manufacturing and renewable energy provides ample opportunities for foreign investors," Lakhwani said.

Economic shift in Ras Al Khaimah
Ras Al Khaimah will see a steady increase in foreign funding until 2024, as the resort encourages the development of additional sectors such as real estate and hospitality, and the economy shifts from a traditional industry to one based on high-end tourism and gambling.
"RAK's medium to long-term economic outlook appears robust," said KAMA Capital CEO Abdelhadi Laabi.
Through strategic investments, Ras Al Khaimah has positioned itself as an emerging economic hub and is projected to grow at around 5.1 per cent in 2024.

"RAK is steadily gaining its niche in the UAE economy. RAK's growth, especially through projects such as the gaming resort, and the [government's] innovative initiatives demonstrate its ambition to become a regional economic center," Laabi added.

Source: https://ru.arabianbusiness.com/politics-economics/оаэ-ras-al-khaimah-ожидает-многоотраслевой-инвес