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Las Vegas-style mega resort at RAK to push annual tourism visitors past 5 mln: Report


A planned Las Vegas-style resort in the UAE city of Ras al-Khaimah could help attract over five million tourists, a report published on Tuesday said, two million visitors more than the expected number by 2030.

The white paper, published by Colliers International, said the resort – planned with Las Vegas hotel operator Wynn Resorts RAK – will be a “game changer” for the emirate, which is positioning itself as a sustainable and nature destination.

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An exterior view Wynn hotel-casino in Las Vegas, Nevada, US, February 7, 2018. (File photo: Reuters)

An exterior view Wynn hotel-casino in Las Vegas, Nevada, US, February 7, 2018. (File photo: Reuters)

It could propel annual visitors far past Ras al-Khaimah’s tourism goals, one of the fastest growing tourism markets in the Gulf region. RAK has previously outlined its goals to have three million annual visiotrs by 2030.

Colliers predicts that the mega resort could contribute to more than 5.5 million annual visitors to the emirate by 2030.

Wynn Resorts announced plans in 2022 to develop a multi-billion-dollar beachside resort in Ras al-Khaimah. It is slated to include 1,000 rooms and a “gaming” area, expected to open in 2026. Wynn is best known for its casino hotel resorts in Las Vegas, Boston and Macau.

“Ras al-Khaimah (RAK), the northern most emirate of the United Arab Emirates, has experienced rapid economic growth in recent years,” the Colliers report said. “With a mission to grow its number of tourist visitors and increase the overall attractiveness of the destination, Ras al-Khaimah’s tourism development authority’s vision for 2030 is to attract over three million visitors, explaining why tourism is one of the emirate’s most important economic sectors and focus for GDP growth.”

In 2022, the report found that 1.132 million overnight hotel guests visited RAK during the 12-month period, a 15.6 percent year-on-year growth. The visitors were predominately from Russia, followed by Kazakhstan and the UK.

In 2022, the hospitality sector saw an almost 30 percent increase on year-on-year revenues.

The Ras al-Khaimah Tourism Development Authority’s tourism strategy is responsible for accelerating visitor growth and raising the contribution of the sector to the emirate’s GDP, aiming to reach 3 million annual visitors by 2030.

In order to achieve its target, RAKTDA is implementing a host of strategies, including, multimillion dollar investments in Jebel Jais Projects and other investments from major players such as Aldar Properties, EMAAR, ADNH, and Nobu.

And Wynn Resorts will be the crown jewel, according to the report.

Based on an analysis which studied the impact of the opening of gaming facilities on visitation, and considering the characteristics of Ras al-Khaimah’s tourism, Colliers said it is envisioned that the Wynn Al Marjan Island will induce significant demand in its first year.

This is expected to be followed by a prolonged secondary growth period, lasting three years.

As a result, it is estimated that the city will welcome over 3.8 million visitors by 2027.

By 2030, it is envisioned that the city will be able to welcome over 5.5 million visitors, contingent upon the success of the Wynn Resort.

“The Ras al-Khaimah hospitality market consists of a mixture of assets including resorts, hotels, and serviced apartments. While most motels, serviced apartments and city hotels are located in close proximity to city center, resorts, which dominate the market, are typically located towards the South of the coastline as part of upcoming developments,” the report noted.

Of the total supply, just under 7,000 keys – a term referred to as a mixture of room, suites and serviced apartments – are considered quality supply, primarily falling within the 3-star to 5-star categories.

The hotel market is led by Hilton Worldwide, which currently operates over 2,900 keys.

Looking towards the future, approximately 5,000 keys have already been announced to open in the next five years, of which, a major entrant expected is Wynn Resort.

Colliers said that ‘integrated resorts’ like Wynn Resorts are designed to become destinations in their own right, attracting both domestic and international demand.

As the largest foreign direct investment in the emirate, Wynn Al Marjan Island Ras al-Khaimah aims to be a landmark property on with plans for over 1,200 hotel rooms, over 20,000 sqm of programmed retail and F&B space, and over 20,000 sqm of dedicated gaming facilities.

Read more:

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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