Ras Al Khaimah has set itself on a pinnacle with the launch of several new hospitality, residential and commercial developments with an aim to make the emirate a prime investment and tourism destination.
The latest episode of AB Majlis in conversation with Sameh Al Muhtadi, CEO of RAK Properties brings to light the latest developments, ambitious projects, strategic partnerships and more.
“Every time you think we have reached close to the peak, we’re surprised that we are still growing in a very strong manner,” Muhtadi said.
RAK Properties has set a robust agenda for the year, aiming to launch seven major projects following the successful introduction of several last year. The CEO expressed excitement about the year ahead, noting, “We have a pretty ambitious launch plan. This year, our plan is to launch an additional six projects, some on a much larger scale than last year.”
Ras Al Khaimah’s trajectory
Ras Al Khaimah has seen a remarkable upward trajectory in various sectors, including tourism and real estate. The CEO highlighted the emirate’s positive outlook: “RAK has been on an extremely positive trajectory on multiple fronts, including tourism and industry investments. We’re optimistic that this growth will continue, and we’re pleased to be a part of that success.”
The impact of Wynn Al Marjan
The announcement of the Wynn Al Marjan resort has been transformative for Ras Al Khaimah. Describing it as the “Rolls Royce of resorts,” Muhtadi believes its selection of Ras Al Khaimah as its newest destination underscores a vote of confidence in the emirate.
“It’s been transformational, to be honest, it is a huge experiment in the UAE. It is a premium brand. When you’re talking about resorts, Wynn is s the Rolls Royce of those resorts and to have selected Ras Al Khaimah as the destination is a vote of confidence,” he said, adding that, “Look at a number of other places where something similar has happened, it has had a tremendous impact financially, commercially and on the tourism front.”
Minah Al Arab: The ‘pride & joy’
One of RAK Properties’ flagship developments, Mina Al Arab, is positioned as a premium destination. The CEO shared, “Minah Al Arab is a unique community in Ras Al Khaimah, situated next to a mangrove sanctuary. It features year-round flamingos and 7,000 trees, creating a natural oasis for residents.”
The response to RAK Properties’ projects has been overwhelming, he affirmed. Every launch has seen properties sold out in record time. “The reaction has been incredible, beyond our wildest expectations. We are continuously working to meet the growing demand with unique and innovative designs,” Muhtadi said.
Ras Al Khaimah has seen increasing international demand, particularly from European and Asian investors. The CEO proudly stated, “We have investors from 42 nationalities, indicating a strong global interest in Ras Al Khaimah.”
Looking ahead, RAK Properties plans to unveil a major partnership with a prominent European designer and a high-end hospitality partnership. They are also working on four branded offerings, with six projects set for sale this year.
While luxury remains a significant demand, RAK Properties is also exploring mid-range hospitality solutions. They aim to offer three-star and four-star options with a lifestyle component, broadening their market appeal.
Muhtadi concluded with an optimistic vision for Ras Al Khaimah, “The UAE has become a haven for people from all over the world, and Ras Al Khaimah is at the forefront of this exciting growth,” he said.
With strategic planning and innovative developments, RAK Properties is set to significantly contribute to Ras Al Khaimah’s vision for 2030, ensuring its status as a premier destination for both investors and tourists alike.
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