RAK’s beaches are already popular with visitors from Germany, Russia, the UK and India, as well as UAE residents. Wam
RAK’s beaches are already popular with visitors from Germany, Russia, the UK and India, as well as UAE residents. Wam

RAK’s Al Marjan islands set to rival Ibiza and Miami



DUBAI // Music festivals and beach parties to rival Ibiza and Miami are planned across four man-made islands in Ras Al Khaimah.

Property developers are in talks with music companies and promoters to stage shows that will transform the northernmost emirate into an entertainment hub.

Attracting events to Al Marjan Island, a cluster of four islands extending 4.5 kilometres into the Gulf, is part of longer-term plans to draw more tourists and residents.

“Just like Ibiza or Miami, which are destinations where the attractions are all on the water, it’s an idea we are working to develop in Al Marjan Island,” an official for the islands said.

“We’re hoping to get music lovers from all around the world to all the islands. We’re working to bring music festivals for people in the UAE also to enjoy.

“We’re also hoping to attract beach clubs, because we do have beautiful beaches.”

Development will take between three and five years, the official said.

The beach clubs and parties are likely to roll out on Dream Island followed by the other three.

The other islands are Breeze, Treasure and View, Al Marjan Island Company said.

RAK’s beaches are popular with visitors from Germany, Russia, the UK and India, as well as UAE residents.

About 330,048 people visited the emirate in the first half of last year, a dip from 577,900 during the same period in 2013, according to tourist authority figures. The slump was blamed on a weak rouble, resulting in fewer Russian tourists to the Emirates.

The plan to tap other tourism sources in the UAE was welcomed.

“This is a fantastic idea, and having other options will help, particularly with the sudden drop in arrivals from Russia, with the rouble suffering a hit of 35 to 40 per cent against the dollar,” said Kulwant Singh, managing director of Lama Tours and Holidays.

“RAK is known for expensive hotels so if this happens, we can get tourists not just from Moscow and St Petersburg, but we can tap Kazakhstan and Uzbekistan.

“RAK is widening its reach and this will help to target other markets interested in beach parties, like the UK.”

The company handles about 10,000 tourists a year heading to RAK.

“We have mainly day visitors for RAK but if they are able to start new attractions, the day visitors will increase; they will stay overnight for a day or two, if we were to do a Dubai-RAK combination. The same is now happening with Dubai and Yas Island,” said Mr Singh.

There have been several hyped developments announced during the boom years across the UAE that failed to take off because of the global downturn.

The US$1 billion (Dh3.67 bn) Real Madrid Resort Island project, announced in 2012 for RAK, was to include a theme park, stadium and a museum on a 50-hectare site, but it was shelved a year later because of a lack of funding.

A partly solar-powered project named after a former Wimbledon tennis champion, the $817m Boris Becker Beach Resort & Tennis Academy, was launched in RAK in 2008 but was also shelved.

The recreational and residential development was to include holiday homes, a hotel and conference facilities.

Indian Bollywood star Shah Rukh Khan endorsed the Shah Rukh Khan Boulevard residential towers in RAK but, again, they were also shelved in 2008.

Families who choose to stay in alcohol-free hotels in RAK may be disappointed with plans for clubbing on the beach, but industry experts insisted both sides could coexist.

“Alcohol and parties are not an issue any more. This is what is needed because people will come from other emirates and other countries,” said Khalid Motik, managing director of E-Hjeez, an online travel portal.

“The main market is because of the beaches – people come for the sun from Germany, Russia, the UK. These new activities are needed and then RAK has very good potential, both locally and regionally.”

rtalwar@thenational.ae

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

Results:

Men's 100m T34: 1. Walid Ktila (TUN) 15 sec; 2. Rheed McCracken (AUS) 15.40; 3. Mohammed Al Hammadi (UAE) 15.75. Men's 400m T34: 1. Walid Ktila (TUN) 50.56; 2. Mohammed Al Hammadi (UAE) 50.94; 3. Henry Manni (FIN) 52.24.

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

BANGLADESH SQUAD

Mashrafe Mortaza (captain), Tamim Iqbal, Liton Das, Soumya Sarkar, Mushfiqur Rahim (wicketkeeper), Mahmudullah, Shakib Al Hasan (vice captain), Mohammad Mithun, Sabbir Rahaman, Mosaddek Hossain, Mohammad Saifuddin, Mehidy Hasan Miraz, Rubel Hossain, Mustafizur Rahman, Abu Jayed (Reporting by Rohith Nair in Bengaluru Editing by Amlan Chakraborty)

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Match info

Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45+3')

Southampton 0

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

Barbie

Director: Greta Gerwig
Stars: Margot Robbie, Ryan Gosling, Will Ferrell, America Ferrera
Rating: 4/5

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Company profile

Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
Stage: Series A
Investors: Arbor Ventures, Mubadala Capital, Wamda Capital, STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

UAE currency: the story behind the money in your pockets
All The Light We Cannot See

Creator: Steven Knight

Stars: Mark Ruffalo, Hugh Laurie, Aria Mia Loberti

Rating: 1/5 


Checking In

Travel updates and inspiration from the past week

      By signing up, I agree to The National's privacy policy
      Checking In