Ras Al Khaimah is one of the Emirates which is under the limelight for multiple reasons. At the start of 2023, this tiny Emirate made it to the news for being the most favourable destination wedding venue. And now it’s back to sizzle as we are sensing this star has been rising to compete. The sources claim that RAK might be growing to attract billionaires from around the world. Is RAK competing to be the next Dubai?
Move Over Dubai, Ras Al Khaimah Plans To Lure Billionaires
Ras Al Khaimah is rapidly becoming the newest tourist destination in the Middle East. It’s offering everything from opulent Emirati cuisine to exhilarating mountain experiences. Foreign businessmen may observe a changing city from the top of the RAK International Corporate Centre. So why this transformation is happening?
In order to succinctly respond to your query, let me say that RAK is pursuing an aggressive foreign direct investment plan that targets five-star hotels, businessmen, and adventure-seeking visitors from nations like Russia and the Czech Republic. The tiny Emirate is taking its game up a notch to attract tourism and wealthy investment in the country.
A new free zone for businesses dealing with digital and virtual assets is being created by the Emirate. Tens of thousands of international companies have previously been registered and incorporated by RAK ICC.
Financial, Social And Cultural Growth
The plan for 360-degree growth of Ras Al Khaimah seems crucial to compete with the glam city(Dubai) to divert some investors here. The Gulf’s Las Vegas requires a lot of resources to determine its course. The government will consider the financial return, the social return, and the cultural return when determining the return on capital. RAK is one of the smallest of the UAE’s seven emirates. Its ambitious aspirations will likely encounter several obstacles. Its driven intentions have occasionally failed in the past. The emirate hopes that a large number of affluent newcomers from throughout the world would settle there permanently. RAK is currently working to convert this increase of tourists into longer-term economic advantages.
Do you think Ras Al Khaimah can give a tough to the swankier city of Dubai and grab some attention?
Cover Image Courtesy: Canva Stock Images
First Published: July 10, 2023 11:40 AM