Nestled along the international border with Oman, Ras Al Khaimah has long been recognized for its thriving business parks and the globally renowned RAK Ceramics. However, in 2024, it captured global attention for a different reason—a record-breaking 1.28 million tourists flocked to this dynamic emirate to explore its breathtaking landscapes and rich cultural heritage spread across approximately 1,684 square kilometres. With an ambitious vision to transform into a global tourism hub by 2030, Ras Al Khaimah is already surpassing expectations, well on its way to welcoming over 3 million visitors.
Real Estate and Tourism Sectors
Its diverse landscapes—from golden deserts to stunning architectural domes—provided a spectacular backdrop for major events in 2024, including the Ras Al Khaimah Gold Championships and the Half Marathon. However, the grandest spectacle came on New Year’s Eve, when the emirate made history with a double Guinness World Record—an awe-inspiring display of drones and fireworks, creating the world’s largest aerial image of a tree and a seashell in the night sky.
Amidst strong tourism revenues, real estate is seeing a red-hot growth streak. Property prices have soared due to the demand for luxury villas and apartments, especially in and around the waterfront areas. Developers are wooing global HNIs with residential and working spaces that envisage all amenities and facilities – from welfare to wellness.
Leading hospitality names like Sofitel and Anantara have established ultra-luxurious resorts in the region, while improved connectivity through RAK Airport has contributed to a surge in tourist arrivals. The US hospitality giant Wynn has scored big with the casino on Al Marjan Island, UAE’s first. The integrated development, scheduled to open in 2027, will feature over 1500 luxury villas, rooms, suites, and 24 premium restaurants. Estimated at USD 2.4 billion, the landmark real estate development has led to an exponential demand.
Lucrative Economic Incentives
RAKEZ (Ras Al Khaimah Economic Zone) has attracted investments and entrepreneurial talent from across the globe. The UAE’s economic incentives and high standard of living are key factors, and interstate connectivity and growing demand for digital commerce are expected to drive revenues further. Over 13,000 new companies have been registered in RAKES in 2024, an almost 60% growth over the previous year. Focussing on emerging technologies like cryptocurrency and blockchain technologies is also helping fuel the demand for data-driven businesses and skill development.
Over 13,000 new companies have been registered in RAKES in 2024, an almost 60% growth over the previous year
Diversified Investments
Home to almost one-fourth of UAE’s manufacturing hub, RAK’s GDP is expected to grow over 3% annually. With rising FinTech, innovation, and foreign investment in hospitality and real estate, the emirate is poised to create new job opportunities, supporting a population expected to double in the next decade.
E-commerce and IT Services
Digital transformation and e-commerce, boosted by government initiatives, are set to transform the ease of living and doing business in RAK. The emirate’s Digital portal and HR projects using SAP have enhanced manpower efficiency. Centralised IT services and smart services for residents are becoming instrumental in enhancing digital access and governance in the emirate.
Ras Al Khaimah is betting big on tourism and construction. Though lucrative, these cash-guzzling businesses are reliant on geopolitical trends and movements. Even as the emirate continues to draw in crowds, what more avenues Ras Al Khaimah will focus on to stay relevant is something that time will show.
