Ras Al Khaimah aims to top 2022 record tourist arrivals this year


Sarmad Khan
  • English
  • Arabic

Ras Al Khaimah, one of the fastest growing tourism markets in the region, is set to surpass the number of tourists it received in 2022, driven by more direct airline connections and the emirate’s efforts to bring attract tourists from India and China.

The tourism sector in Ras Al Khaimah, which is positioning itself as a sustainable and nature destination, has recovered strongly from the pandemic-driven slowdown and attracted a record 1.13 million visitors last year.

“Our goal for 2023 is to exceed that”, Raki Phillips, chief executive of Ras Al Khaimah Tourism Development Authority (RAKTDA), told The National on Wednesday.

“We're very pleased with the results that we had in 2022, superseding 2019 results [before the pandemic], but our goal is to continue to grow.”

The 15.6 per cent annual jump in overall visitor numbers in the emirate was driven by a 40 per surge in international tourists from its key source markets, including Kazakhstan, Russia, the UK, Czech Republic and Germany.

“We closed 2022 with 55 per cent domestic and 45 per cent international visitors. Year-to-date that has switched around. We're seeing more international travellers versus domestic,” he said.

The emirate is now focusing on the Indian and Chinese markets, key sources of tourists for the larger Dubai and Abu Dhabi markets.

“We just had our record February number of arrivals … and I think that will set us on the right track” to exceed last year’s performance, Mr Phillips said.

It will be a couple of years before China becomes one of the top five source markets for the emirate, but it has great potential for growth and even a gradual rise in the number of Chinese tourists will help the tourism authority achieve its targets, he said.

India is “low-hanging fruit” and the emirate has taken several measures to boost Indian tourists’ arrival in Ras Al Khaimah, he said.

The emirate is aiming for a 70:30 split, where 70 of its visitors will be international and 30 per cent domestic “in the next three to four years”, he added.

Ras Al Khaimah’s tourism and leisure sector received “billions of dollars” worth of foreign direct investment in 2022 and the emirate is set to exceed that number in 2023.

Investments made by Aldar, Abu Dhabi’s biggest listed developer, in Ras Al Khaimah’s prime assets are examples of the emirate's success in attracting investment.

Raki Phillips, chief executive at Ras Al Khaimah Tourism Development Authority. Photo: RAKTDA
Raki Phillips, chief executive at Ras Al Khaimah Tourism Development Authority. Photo: RAKTDA

In November last year, Aldar Properties acquired a beachfront plot in Ras Al Khaimah from master developer Marjan, with plans to combine the plot with land purchased as part of the DoubleTree by Hilton Resort & Spa Marjan Island acquisition earlier in 2022, in a Dh810 million ($220.55 million) deal.

In April, Aldar bought Rixos Bab Al Bahr hotel in Ras Al Khaimah in a Dh770 million transaction, and in February it acquired Al Hamra Mall in a $111.6 million deal, which was its first investment outside Abu Dhabi.

Ras Al Khaimah — which has the world's longest zip line at Jebel Jais, 64km of coastline, adventure tourism offerings and heritage sites such as Al Jazirah Al Hamra — has traditionally been popular with UAE residents and visitors from CIS markets.

The tourism sector in the emirate is set for a further boost from more international airlines establishing direct connectivity, Mr Phillips said.

Earlier this month, Qatar Airways said it will start direct flights from Doha to Ras Al Khaimah, which the airline has not operated since 2017.

The emirate will be Qatar Airways' fourth destination in the UAE after Dubai, Abu Dhabi and Sharjah, with flights scheduled to resume on November 1.

On Wednesday, RAKTDA announced its agreement with FTI Group, a Germany-based outbound tour operator, which will operate twice-weekly flights from Munich to RAK Airport, starting in the fourth quarter of this year.

The emirate also aims to boost the cruise industry and continue to push for doubling its hotel room keys to about 16,000 in the next three to five years.

“We had 8,000 keys in the market last year … but now we're looking at doubling the inventory, so for us, it's so important to continuously grow our visitor arrival numbers, and to be able to achieve success for our hotel partners”, Mr Phillips said.

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The National selections

6.30pm: Gifts Of Gold

7.05pm Final Song

7.40pm Equilateral

8.15pm Dark Of Night

8.50pm Mythical Magic

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While you're here
What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Tu%20Jhoothi%20Main%20Makkaar%20
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The Light of the Moon

Director: Jessica M Thompson

Starring: Stephanie Beatriz, Michael Stahl-David

Three stars

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
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  • Production engineer: Dh30,000 to Dh40,000 
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  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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SPECS
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Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

match info

Athletic Bilbao 1 (Muniain 37')

Atletico Madrid 1 (Costa 39')

Man of the match  Iker Muniain (Athletic Bilbao)

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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Austrian Grand Prix race timings

Weekend schedule for Austrian Grand Prix - all timings UAE

Friday

Noon-1.30pm First practice

4-5.30pm Second practice

Saturday

1-2pm Final practice

4pm Qualifying

Sunday

4pm Austrian Grand Prix (71 laps)

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The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
SPECS
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WITHIN%20SAND
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Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Company%20Profile
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India team for Sri Lanka series

Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.

T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan

'Hocus%20Pocus%202'
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Updated: March 19, 2023, 2:20 PM