The UAE’s first gaming resort is expected to boost visits to Ras Al Khaimah and attract travellers previously unaware of the emirate's offerings, but that is only a part of a much wider tourism strategy.
The $5.1 billion Wynn Al Marjan Island resort in Ras Al Khaimah secured the country's first gaming licence from UAE authorities last year.
“When you think about Wynn, it is arguably one of the best luxury integrated resorts in the world. And to have that type of brand coming to a destination like ours is something that I think will end up being a great new contributor to the tourism ecosystem," Raki Phillips, chief executive of Ras Al Khaimah Tourism Development Authority, said.
But it is only one of a number of plans, he added.
“The Wynn will definitely contribute towards tourism but just like many other things that have come to the UAE, [such as] the Expo that was an incredible driver … I genuinely believe that all of our hotels, when they open, will give a new contribution, same with our attractions,” Mr Phillips told The National on the sidelines of the Arabian Travel Market in Dubai.
The resort will have 1,530 rooms, 22 restaurants, a nightclub, salon, spa, designer boutiques, an events centre, several pools and a marina.
It will “create a tremendous amount of interest in Ras Al Khaimah”, said Michael Weaver, chief communications officer at Wynn Resorts.
“It will get people considering Ras Al Khaimah as a destination who perhaps wouldn't have considered it before, because they wouldn't have been made aware of it.
"And when they look in and see Al Marjan Island [and all the new hotels coming up there], it's going to be remarkable. There really aren't that many other places where you'll have that collection of hotels, restaurants and integrated destination resort all within walking distance.”
But the gaming floor will be only one amenity of many, he said.
“Gaming gets a lot overemphasised and I think that's because it takes up so much physical space, because of the scale of it, but that does not necessarily equate to the importance of it,” Mr Weaver told The National.
“When people go to destination resorts, they go to experience all of those amenities, so gaming may take up the largest space, it may be a defining characteristic, but it is not the most important characteristic. What's important is the cumulative guest experience of all the amenities together.”
Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE set up the General Commercial Gaming Regulatory Authority to oversee and supervise commercial "gaming activities". These include lotteries, internet gaming, sports betting and integrated gaming centres or resorts.
The word "gaming" is also used by the equivalent authorities in the US.
Calling all travellers
Ras Al Khaimah, which recorded 1.28 million overnight visitors last year, aims to boost that figure to 3.5 million by 2030.
As part of the strategy, the emirate is expanding its hospitality portfolio, which stood at about 55 hotels and resorts, with 8,211 rooms, as of March. The number of rooms in the emirate is set to double in the next few years, with more than 7,500 rooms added.
The emirate aims to boost tourism’s contribution to the economy to a third by 2035 and position itself as one of the top 10 fastest-growing global destinations. The strategy is expected to create many jobs in the industry, with the Wynn resort alone forecast to employ about 7,000 people.
The emirate is setting up the infrastructure to encourage such growth, Mr Phillips said.
Ras Al Khaimah International Airport recorded 661,765 arrivals last year, up 28 per cent annually, with that number estimated to exceed two million by the end of the decade.
“The airport is going through a great transformation and, with the growth of tourism that the destination is going through, it complements it," he said.
"It has to [grow and transform] to meet the demand that's coming through. We will be making announcements in the future of how that airport will transform."
The tourism board is also in talks to increase air connections to the emirate. Mr Phillips said: "I think the whole emirate has to grow and develop. But again, you're 45 minutes away from one of the busiest airports in the world [Dubai International] ... I think the entire UAE ecosystem helps to drive the success that we're having."
The emirate “can be ready” by 2027 to welcome the influx of tourists when Wynn opens, said Mr Weaver.
“If you look at the emirate now, there is a lot of construction going on, getting ready for not just our hotel, but all the [other] hotels. So there is massive infrastructure being built. And what happens in destinations is, there is this constant evolving that goes on in creating more and more infrastructure,” he said.
“So that's not a static experience where you create the infrastructure and you're done, not in a destination as dynamic as this is going to be."
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Full list of Emmy 2020 nominations
LEAD ACTOR IN A COMEDY SERIES
Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy
LEAD ACTRESS IN A COMEDY SERIES
Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish
OUTSTANDING VARIETY/TALK SERIES
The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert
LEAD ACTOR IN A DRAMA SERIES
Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession
LEAD ACTRESS IN A DRAMA SERIES
Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria
OUTSTANDING REALITY/COMPETITION PROGRAM
The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice
LEAD ACTOR IN A LIMITED SERIES/TV MOVIE
Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True
LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE
Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere
OUTSTANDING LIMITED SERIES
Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen
OUTSTANDING COMEDY SERIES
Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows
OUTSTANDING DRAMA SERIES
Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia