Ras Al Khaimah: increased international investments
Ras Al Khaimah to see increased international investments
There has been growing interest from hospitality developers in Ras Al Khaimah since the emirate is today regarded as one of the best-performing destinations in terms of 5-star and 4-star hospitality performance
Ras Al Khaimah will enjoy a surge in international investor interest over the coming years, especially in its hospitality and property sectors, a top official has said.
Speaking in an exclusive interview with Khaleej Times, Abdulla Al Abdouli, CEO of Marjan, explained that, in addition to a high return of investment and tax-free status, international investors stand to benefit long-term returns through their investments in Ras Al Khaimah.
“In fact, as master-developer, we are already engaging with leading developers in the UAE such as Emaar Properties and Dubai Investments,” he revealed. “Further, the robust rebound of tourism and the reputation of Ras Al Khaimah as one of the safest destinations in the world will further lend traction to investing in the emirate.”
As an investment destination, Al Marjan Island offers several benefits to international investors, such as zero percent income and personal tax, 100 percent foreign ownership, no foreign exchange controls, 100 percent repatriation of capital and profits, 100 percent ready infrastructure, 100 percent availability of utility services, and residency visa for homeowners in partnership with Ras Al Khaimah Economic Zone (RAKEZ).
Al Marjan Island is the flagship development of Marjan and is developed under the visionary guidance of His Highness Sheikh Saud Bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah. A tourism and resort development, Al Marjan Island boasts 7.8km of pristine beaches, 23km of waterfront, 12,000 planned residential units, 8,000 planned hotel rooms, 400-room wellness retreats, and 600-holiday villas. International investors can purchase land plots with development rights. Moreover, investors in property worth over Dh2 million can benefit from the Golden Visa programme.
Al Abdouli noted that Al Marjan Island is regulated by the Ras Al Khaimah Real Estate Regulatory Authority, ensuring peace of mind for investors that their investment is in safe hands with accountability and transparency. “The infrastructure for the land is already developed under a plug-and-play model. Most of the plots are designated for residential units, boutique hotels, resort hotels, community facilities, and retail.”
He added that there has been growing interest from hospitality developers since Ras Al Khaimah is today regarded as one of the best-performing destinations in terms of 5-star and 4-star hospitality performance. This is reflected in the average room rate (ARR) in Ras Al Khaimah gaining 20.5 percent, beating the downturn effect of the pandemic, over 2019, increasing from Dh552 to Dh665 – the only emirate in the UAE to record double-digit growth.