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, especially driven by the opening of Wynn Al Marjan Island Resort.
According to a study released by Colliers, the northern emirate will receive over 3.8 million visitors by 2027, growing at a CAGR of 28 per cent from 2022.
Last year, the emirate saw a 16 per cent increase in tourist arrivals compared to the previous year, bringing total arrivals to over 1.1 million. With aims to reach the three million target by 2030, the emirate leverages its diversified source markets, clear growth strategies and strong levels of investment.
“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.
Recently, a contract was reportedly awarded for the development of the mega-resort project.
Based on Colliers’ optimistic scenario, Ras Al Khaimah will see a market gap of 6,655 rooms by 2027 and 7,546 keys in 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 multi-billion dollar integrated resort, which is set for completion in 2026, is the largest foreign direct investment in the Emirate. It will house over 1,200 hotel rooms, over 20,000 sqm of programmed retail and F&B space, and over 20,000 sqm of dedicated gaming facilities, extensive entertainment, leisure and MICE facilities.
“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.
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