A multibillion-dollar mega resort in Ras Al Khaimah planned by a major US hotel operator aims to be a magnet for "ultra high net-worth" customers and attract tourists from across the globe after securing a gaming licence from UAE authorities.
Wynn Resorts, which runs high-end hotel complexes in Las Vegas, Boston and the Chinese territory of Macau, said the UAE represented its most "exciting market for integrated resort development in decades" in an investors report shared on Tuesday night.
The $3.8 billion Wynn Al Marjan Island resort in Ras Al Khaimah will seek to "capture untapped domestic gaming demand" from the UAE's large expatriate community as well as draw in "high-end gaming clientele from abroad", the report states.
Wynn said construction on the five-star facility - which is scheduled to open in 2027 - was advancing rapidly. It said it expected the resort to deliver "meaningful long-term economic benefits to Ras Al Khaimah".
The hotel developer and operator said the gaming licence issued by the UAE's General Commercial Gaming Regulatory Authority related to its property in Ras Al Khaimah.
"The licence award follows a diligent and extensive review by the GCGRA," Wynn said.
"Wynn Resorts thanks the GCGRA for the confidence and trust the licence grant signifies and is proud to be the recipient of the first commercial gaming facility licence in the UAE.
“Commercial gaming" [is] any game of chance, or combination of chance and skill, where an amount of money, in cash or cash equivalents, is wagered – placed as a bet – for the purpose of winning a sum of money or other valuable items
UAE General Commercial Gaming Regulatory Authority
"We are underway with the construction of our resort in Ras Al Khaimah and look forward to being a key partner in the development of its tourism economy."
The GCGRA confirmed to The National on Tuesday that a licence had been awarded.
Tourism boost
The resort, which will have views of the Arabian Gulf, is a hotel and casino with 1,500 rooms, suites and villas, as well as two dozen restaurants, a spa, an event centre and a theatre.
Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE's gaming regulator has been set up to oversee and supervise commercial 'gaming activities'. These include lottery, internet gaming, sports wagering and land-based integrated gaming centres or resorts.
The use of the word "gaming" is the same language used by the equivalent authorities in the US.
What's coming to RAK?
Wynn’s first venture in the Middle East is already attracting plenty of attention. Marjan Island is a development of four reclaimed islands with more than 7.8km of pristine beaches and 23km of waterfront, in addition to world-class hotels and residential developments.
Wynn, best known for its casino hotel resorts in Las Vegas, Boston and Macau, expect the project will create at least 4,000 jobs and become the next “catalyst” for tourism in the emirate. The economic benefits will be “massive”, stimulating foreign direct investment and employment, Raki Phillips, chief executive of the Ras Al Khaimah Tourism Development Authority, previously told The National.
What is the UAE's gaming regulator?
The authority was established in September last year. It is led by gaming industry veterans and is the federal entity overseeing commercial gaming activities in the UAE.
In July, regulators in the UAE were awarded a licence for the country’s first authorised lottery. It will be operated by The Game LLC under the banner UAE Lottery and it is expected to offer a diverse range of games.
More information about how to play is expected soon with representatives from the GCGRA stating it was a “pivotal” step for the country.
Kevin Mullally, chief executive of the GCGRA, said at the time that the authority's regulatory framework was designed to ensure the integrity, fairness and transparency of commercial gaming activities in the country “which include lottery games”.
Gaming explained
The regulator's first two licences come months after some operators of the UAE's prize draws were required in January to pause business.
One of the operators at the time said the pause was the result of an “industrywide mandate” that was consistent with the new role to create a well-regulated gaming environment in the country.
Before this step, prize draws had drawn increasing numbers of participants hoping for significant windfalls. Since its formation, the GCGRA has sought to develop a regulatory framework to protect consumers and stakeholders.
It was underlined that engaging in, conducting, or enabling commercial gaming activities within the UAE without approval from the GCGRA is illegal and anyone breaking the rules could face severe penalties. Playing as a consumer through unlicensed operators is also illegal.
According to the GCGRA's website, it is the only entity that can regulate, licence and supervise commercial gaming activities and centres within the UAE, which include lottery, internet gaming, sports wagering and land-based integrated gaming centres or resorts.
“Commercial gaming” refers to “any game of chance, or combination of chance and skill, where an amount of money, in cash or cash equivalents, is wagered – placed as a bet – for the purpose of winning a sum of money or other valuable items”.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
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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.”
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