Friday, March 31, 2023
Owing in large part to the launch of Wynn Al Marjan Island Resort, the hospitality and tourism sectors in Ras Al Khaimah are set for huge growth in terms of new room addition and job creation over the next few years.
According to a Colliers study, the northern emirate would get over 3.8 million tourists by 2027, expanding at a CAGR of 28% from 2022.
The emirate recorded a 16% rise in tourists visits last year compared to the previous year, bringing total arrivals to almost 1.1 million. The emirate exploits its diverse source markets, defined growth objectives, and high levels of investment to accomplish the three million target by 2030.
“By 2030, it is envisioned that the city will be able to welcome over 5.5 million visitors, contingent upon the success of the Wynn Resort. Overall, positively impacting the economy across all factors, ranging from employment to overall GDP,” said Christopher Lund, executive director and head of hospitality and tourism for Mena at Colliers.
A contract for the development of the mega-resort project was apparently awarded recently.
According to Colliers, Ras Al Khaimah would have a market deficit of 6,655 rooms by 2027 and 7,546 keys by 2030.
“The introduction of the region’s first integrated resort, The Wynn Al Marjan Island, is anticipated to bring benefits such as job creation, increased visitation, and global image enhancement. This is a property that is expected to not only act as one of the flagship properties in Ras Al Khaimah but also create a gap in the market for new concepts to enter, given the demand from domestic and inbound visitors alike,” Lund said.
The multibillion-dollar integrated resort, which is scheduled to open in 2026, is the Emirate’s greatest foreign direct investment. It will have around 1,200 hotel rooms, 20,000 square metres of programmed retail and food and beverage space, and 20,000 square metres of dedicated gaming facilities, as well as significant entertainment, leisure, and MICE amenities.
“Ras Al Khaimah is anticipated to benefit from positive externalities of the ‘Wynn Effect’, with impacts such as increased visitation, additional hospitality demand, and an overall uplift to its economy,” Lund said in Ras Al Khaimah 2023 and Beyond report.
Tags: Ras Al Khaimah Tourism
Wednesday, May 31, 2023
