RAS AL KHAIMAH ONE OF UAE’S FASTEST-GROWING MARKETS

Ras Al Khaimah (RAK), the fourth largest Emirate in the UAE, is defined by its natural diversity, rich history and a forward-thinking vision, led by His Highness Sheikh Saud bin Saqr Al Qasimi. His focus on sustainable development, economic prosperity, environmental conservation, social development and innovation has shaped RAK into an ideal environment to live, work and invest. With a strategic location connecting East and West – placing one third of the world’s population within four hours’ flying time – RAK is a gateway to key markets, such as the UAE, Middle East, Africa, India and beyond.

THE REAL ESTATE BOOM

Ras Al Khaimah is experiencing an unprecedented real estate boom, rapidly emerging as one of the most dynamic property markets in the United Arab Emirates, guided by the forward-looking vision of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah. The Emirate is shaping its skyline as it builds its resilient, diversified economy, in line with its ambitious strategy that centers around sound planning, sustainability, enhancing quality of life for its citizens and residents and world-class developments. In the past three years, property sales and prices have surged in Ras Al Khaimah, driven by a wave of hospitality, commercial and residential projects. Moreover, an expected population growth from 0.4 million to 0.65 million by 2030 is set to generate demand for an estimated 45,000 additional residential units.

This sustained growth is anchored in a diversified economy, investor-friendly regulations and the entry of global developers into the market, such as Emaar, Aldar and Ellington, alongside local leaders Marjan, Al Hamra and RAK Properties. At the forefront of Ras Al Khaimah’s transformation is Al Marjan Island, a premier waterfront destination making strides in the sector with a host of ultra-luxury brands including Wynn, JW Marriott, Nobu, Missoni and The Address. Abdulla Al Abdouli, CEO of Marjan, added: “Al Marjan Island is regarded as a world-class leisure and lifestyle destination, and it continues to attract interest from leading regional and international investors and operators. Our role is to deliver the long-term vision of the leadership to establish Ras Al Khaimah as one of the region’s preferred lifestyle and investment hubs and it gives us great pleasure to see this vision come to life.” Further expanding its offering, Marjan is developing RAK Central, a multifunctional hub that blends business, lifestyle and innovation, and is set to become one of the Northern Emirates’ largest commercial districts.

The development features premium Grade-A offices and prioritizes environmental sustainability through cutting-edge green building practices, in line with the Emirate’s 2030 Vision. A major contributor to the success story is the developer Benoy Kurien, CEO, Al Hamra’s, integrated living project, Al Hamra Village with more than 4,000 homes, golf course and vibrant community of over 10,000 residents, complemented by major projects such as Waldorf Astoria Residences, Falcon Island, Al Hamra Waterfront and the Emirate’s largest and most popular retail hub – Manar Mall. Further along the coast, RAK Properties is enhancing the Emirate’s shoreline with its flagship Mina development, already home to award-winning resorts, such as Anantara Mina Ras Al Khaimah and InterContinental Ras Al Khaimah.

The development is gearing up to welcome upcoming additions, such as Nikki Beach, Staybridge Suites and the planned Four Seasons. Another major project is the Aaldar’s f irst residential community on prime beachfront plot of over 40,000 square metres located on Al Marjan Island in Ras Al Khaimah. As per Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, “Ras Al Khaimah continues to represent an attractive market for Aldar, driven by the Emirate’s demographics, strong market fundamentals and dynamics.

Its appeal as an investment and living destination continues to grow, benefiting from the return of leisure travel and the continued efforts and execution of the Emirate’s strategy to attract investment, residents, and visitors.” “The vision for Ras Al Khaimah is becoming a reality,” said RAK Properties Chairman Abdulaziz Abdullah Al Zaabi. “We are creating a vibrant, sustainable environment that is attracting global investment while maintaining the unique culture and natural heritage of our Emirate.”

Meanwhile, the company’s CEO Sameh Muhtadi asserted that: “What we have seen over the past couple of years is remarkable. We are witnessing unprecedented global interest – and this momentum will only continue.” Underpinning Ras Al Khaimah’s real estate evolution is a robust infrastructure. The Emirate boasts eight hospitals, including the state-of-the-art RAK Hospital, and a modern education system where private schools are regulated by the Department of Knowledge. Additionally, the Emirate consistently ranks among the safest places in the world, adding to its growing livability credentials.

THE INVESTMENT HUB

RAK is home to over 50,000 companies from 100+ countries, including industry leaders and global exporters, such as RAK Ceramics and Julphar. Over 30,000 of these businesses operate within Ras Al Khaimah Economic Zone (RAKEZ), one of the region’s largest free zones, while RAK Digital Assets Oasis (RAK DAO) reinforces the Emirate’s ambition to become a global hub for Web3 and digital assets. Its efficient judicial system, recognized by the World Bank, ensures fairness and transparency. RAK also boasts world-class infrastructure, including multiple seaports strategically close to the Strait of Hormuz and major international shipping lanes, an international airport and extensive logistics capabilities.

RAK’s economic strength is reflected by 15+ years of consis tent ‘A’-range Fitch and S&P credit ratings, with both agencies upgrading RAK in 2024, to “A/A-1” by S&P and “A+” by Fitch. RAK has a multicultural society of 0.4 million people from 150 countries and offers a high quality of life, including accessible luxury living and a serene coastal lifestyle. Significant investment in RAK’s real estate, hospitality and tourism sectors in recent years is seeing signature luxury global brands, such as Wynn, Four Seasons, Nobu, Fairmont and La Mer By Elie Saab joining existing landmarks from Waldorf Astoria, Ritz-Carlton and Mövenpick.

Projects such as RAK Central will redefine the commercial and residential landscape, with innovative Grade A office spaces and modern, sustainable residential areas creating a desirable location for upscale living. Joining a list of accredited account trustees that manage off-plan project customer funds for real estate developers in the emirate, Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Türkiye) region, signed last year an agreement with Ras Al Khaimah Municipality to offer escrow services.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “Our valuable partnership with Ras Al Khaimah Municipality, offering escrow services to real estate developers, has proven instrumental. Driven by the thriving real estate market, this agreement aligns seamlessly with our goals to expand our escrow services.”

His Excellency, Munther Mohammed bin Shakar Al Zaabi, Director-General of Ras Al-Khaimah Municipality, added: “This agreement further demonstrates the municipality of Ras Al Khaimah’s commitment to partner with governmental, private, and strategic organisations, to unify efforts that serve the goals of stakeholders in the emirate. It also aims to enhance the implementation of best practices, collaboration and the facilitation of real estate activities. This agreement reinforces the municipality’s leading position in establishing partnerships with investment entities.”

EMERGING TOURISM DESTINATION

Tourism is another central pillar of the Emirate’s advancement, setting a record in 2024 that saw Ras Al Khaimah welcome 1.28 million tourists, drawn by attractions such as Jais Flight – the world’s longest zipline – Bear Grylls Explorers Camp and 1484 by Puro, the UAE’s highest-altitude restaurant. In fact, as a fast-growing tourism destination, RAK has become synonymous with adventure, culture and leisure. Its adventure tourism, especially at Jebel Jais, the UAE’s highest peak, its stunning natural beauty, including 68km of beaches spanning the majority of a near-80km coastline, and 7,000 years of history further enhance its universal appeal. Four of RAK’s archaeological sites are on UNESCO’s tentative list of World Heritage Sites. A leading stakeholder in the sector is RAK Hospitality Holding.

The company’s CEO Alison Grinnell, continues to drive the tourism hospitality nexus with strategic hotel acquisitions and innovative offerings. India’s Tata Group-owned Indian Hotels Company (in partnership with BNW Developments too has unveiled Taj Wellington Mews on Al Marjan Island, that represents Indian Hotel’s premier branded hotel apartments. The 432 units house 185 studio apartments, 117 one-bedroom apartments, 26 two-bedroom apartments, 8 three-bedroom apartments and 6 retail units as per the company.

Dr. Vivek Anand Oberoi, Co-Founder and Managing Director, BNW Developments stated, “Ras Al Khaimah is the epicenter of avant-garde luxury, and with this property, we reinforced our commitment to crafting spaces that embody timeless refinement.” Ras Al Khaimah is undeniably one of the fastest-growing markets in the region, industry leaders agree, as new beachfront apartments, luxury villas, golf communities and lifestyle hubs continue to attract investors and residents alike. At the heart of it all is Ras Al Khaimah’s 2030 Vision – a sustainable, inclusive strategy that places people at its core.