A top official has explained that the region will enjoy a surge in international investment interest over the next few years, particularly in its hospitality and property sectors.
According to Abdulla Al Abdouli, Chief Executive Officer of Marjan (the developers behind flagship project Al Marjan Island), there has been a growing interest from hospitality developers since Ras Al Khaimah became regarded as one of the top performing destinations regarding 5-star and 4-star hospitality.
Al Marjan Island, developed under the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Member of the Supreme Council and ruler of Ras Al Khaimah, boasts 7.8km of pristine beach, 23km waterfront, 12,000 residential units and 8,000 planned hotel rooms. There will also be a total of 400-room wellness retreats and 600 holiday villas.
Several benefits are offered to international investors regarding Al Marjan Island including zero per cent income and personal tax, 100 per cent foreign ownership, no foreign exchange controls and 100 per cent repatriation of capital and profits among others.
Speaking with Khaleej Times, Abdulla Al Abdouli said: “As a master developer, we are already engaging with leading developers in the UAE such as Emaar Properties and Dubai Investments. Further, the robusy rebound of tourism and reputation of Ras Al Khaimah as one of the safest destinations in the world will further lend traction to investing in the emirate.”
