Ras Al Khaimah has welcomed more visitors in the first six months of 2023 than in any other half-year in its history.
A record 600,000 tourists travelled to the northern emirate between January and June, according to the latest numbers from Ras Al Khaimah Tourism Development Authority.
Travellers are also spending more when they are in the emirate, as tourism-related revenue for the same period is up nearly 65 per cent.
International tourists have also rediscovered the emirate after the global pandemic, with overseas visitors making up more than half of all arrivals.
Raki Phillips, chief executive of Ras Al Khaimah Tourism Development Authority, said 2023 was “shaping up to be the emirate’s best year to date, with our first half results proving the efficacy of moving fast, staying relevant and just getting things done”.
Adventure, sustainability and pet-friendly fun
Famed for its Hajar Mountains, sandy coastlines and lush mangroves, Ras Al Khaimah has also made a name for itself as the adventure emirate.
It’s home to the world’s longest zipline and the UAE’s highest peak, Jebel Jais, which offers cliffside adventures across its 1,934-metre summit. It's also home to the first internationally certified multi-day hiking experience in the GCC.
The emirate is one of the most pet-friendly in the UAE. About 25 hotels, restaurants, outdoor parks and beaches are part of the Ras Al-K9 programme, meaning wadi walks, mountain hikes, beachside excursions, desert adventures and overnight stays are open to travellers and their four-legged friends.
Sustainability is another big focus for Ras Al Khaimah, and its tourism board is the first in the Middle East to be EarthCheck certified – meaning its approved by the world's leading scientific benchmarking certification and advisory group for sustainable travel and tourism.
More visitors are expected to venture to Ras Al Khaimah from Qatar and beyond later this year, as the emirate's international airport will welcome daily flights via Qatar Airways. And cruising, an industry still in its infancy in the northern emirate, looks set to grow with 14 luxury cruise calls confirmed for the coming season.
Ras Al Khaimah isn’t slowing down when it comes to tourism development. The emirate has plans to double its number of hotel rooms and has already announced a slew of openings.
Nobu, Anantara and Wynn Al Marjan Island set to open in RAK
Launches include Wynn Al Marjan Island, a multibillion-dollar resort from the Las Vegas operator that’s expected to open in 2027, bringing the first gaming area to the region.
Several other hotels will open on the emirate's Marjan Island, including a new Le Meridien property and eco-friendly Earth Shore in 2025, and Nobu Al Marjan Island from the luxury hotel brand headed by actor Robert De Niro, film producer Meir Teper and chef Nobu Matsuhisa in 2026.
Later this year, Anantara Mina Al Arab will open with Maldivian-style overwater villas and Sofitel will make its debut in the emirate via the Sofitel Al Hamra resort.
In the midst of all Ras Al Khaimah's development, one of its stalwart properties has closed its doors, albeit temporarily. Hilton’s Waldorf Astoria Ras Al Khaimah is no longer accepting reservations as it undergoes refurbishment.
“As part of our commitment to providing an exceptional hospitality experience for guests, Waldorf Astoria Ras Al Khaimah is undergoing a refurbishment program this summer. This program includes refurbishment of the rooms, F&B outlets and public areas, and we look forward to welcoming guests back to the property later this year," a spokesperson for the hotel told The National.
The 346-room beachfront hotel will remain closed until September 30.
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UAE currency: the story behind the money in your pockets
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
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THE SPECS
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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.”
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The specs
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Engine: 5-litre V8
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Fuel economy, combined: 12.8L/100km
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
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The years Ramadan fell in May
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
