Ras Al Khaimah's residential inventory expected to double by 2030
The residential stock in Ras Al Khaimah is forecast to double by the end of 2030 with more than 11,000 units scheduled for completion as the emirate experiences rapid growth across its tourism and real estate sectors, according to global real estate consultancy Savills. The projection is based on supply anticipated from property launches up to the end of 2024. The growth in tourism and property sales is being driven by rising visitor numbers, new residential project launches and ongoing investment in high-profile projects such as the Wynn Al Marjan Island, the UAE's first integrated resort to be granted a commercial gaming operator's licence, Savills said in a report. The UAE's first gaming resort is expected to boost visits to Ras Al Khaimah and attract travellers until now unaware of the emirate's offerings. The $5.1 billion Wynn Al Marjan Island resort in Ras Al Khaimah secured the country's first gaming licence from UAE authorities last year. Gambling remains prohibited in the Emirates, as it is across the Gulf, but the UAE set up the General Commercial Gaming Regulatory Authority to oversee and supervise commercial 'gaming activities'. These include lotteries, internet gaming, sports betting and integrated gaming centres or resorts. 'There is growing demand for premium residential offerings in RAK,' said Andrew Cummings, head of residential agency at Savills Middle East. 'Branded residences now make up 32 per cent of anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments.' About 40 per cent of all new developments coming up in the emirate are branded residences, The RAK Investment Pulse report by Stirling Hospitality Advisors found. Wynn Al Marjan Island, scheduled to open in 2027, will have 1,530 rooms, 22 restaurants, a nightclub, salon, spa, designer boutiques, an events centre, several pools and a marina. 'When you think about Wynn, it is arguably one of the best luxury integrated resorts in the world. And to have that type of brand coming to a destination like ours is something that I think will end up being a great new contributor to the tourism ecosystem,' Raki Phillips, chief executive of Ras Al Khaimah Tourism Development Authority, told The National on the sidelines of the Arabian Travel Market in Dubai. Ras Al Khaimah is preparing for an influx of employees to run the multibillion dollar developments springing up in the emirate. The hospitality sector is expected to create more than 25,000 jobs by 2030, according to data from Stirling Hospitality Advisors consultancy. Off-plan sales dominated the Ras Al Khaimah market in 2024 and communities such as Al Marjan Island, Mina Al Arab, and Al Hamra have recorded an upwards trend in capital values and rents since 2022, coinciding with the Wynn announcement, the Savills report said. Sales transaction values were worth more than Dh11 billion ($2.99 billion) in 2024. Savills attributed this demand for real estate to the increase in visitor numbers. Ras Al Khaimah welcomed 1.28 million tourists in 2024, a 5.1 per cent annual increase, and aims to boost that figure to 3.5 million by 2030. Ras Al Khaimah International Airport recorded 661,765 arrivals last year, up 28 per cent annually, with that number estimated to exceed two million by the end of the decade. The emirate is also expanding its hospitality portfolio, which stood at about 55 hotels and resorts, with 8,211 rooms, as of March. The number of rooms in the emirate is set to double in the next few years, with more than 7,500 rooms added. The emirate aims to boost tourism's contribution to the economy to a third by 2035 and position itself as one of the top 10 fastest-growing global destinations. The strategy is expected to create many jobs in the industry, with the Wynn resort alone forecast to employ about 7,000 people. 'The arrival of Wynn Al Marjan will significantly benefit the entire emirate, becoming a strong pillar of the broader destination strategy,' Alison Grinnell, chief executive of RAKHH, told The National. 'The integrated resort will create extensive job opportunities and increase demand for hotel keys.' While reliant on Dubai for luxury and lifestyle amenities, RAK is quickly building its own offering. 'RAK's evolution is now beyond tourism alone,' said Rachael Kennerley, head of research at Savills Middle East. 'We're seeing the pieces come together, infrastructure, education, entertainment, and residential development, which together make a compelling case for long-term investment and growth.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
a day ago
- Zawya
Middle East tourism spend to jump 50% to $350bln by 2030
The total tourism spend in the Middle East by 2030 will be 50% higher than in 2024, generating expenditure of nearly $350 billion, according to A new report compiled by Tourism Economics on behalf of Arabian Travel Market (ATM). The ATM Travel Trends Report 2025 reveals insights into the trends and transformations redefining the travel sector in the Middle East and worldwide, including the surge of business travel, the growth of the luxury segment, and the boom in regional sports tourism. The report highlights exceptional growth in Middle East travel spending, projected to exceed 2019 levels by 54% this year and anticipates an annual growth rate of over 7% from 2025 to 2030. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: 'The report's findings confirm that travel growth in the Middle East is incredibly strong, with annual growth averaging more than 7 per cent through 2030. Bold national visions, game-changing developments, and enhanced connectivity are some of the key factors driving this momentum.' Underscoring the Middle East's strong position in global tourism, inbound travel from outside the region is set to grow by 13 per cent annually up to 2030 and outbound business travel forecast to surge at 9 per cent per year. European source markets make up 50% of all leisure travel to the Middle East, with India and the United Kingdom the top two inbound international leisure source markets. China is also a critical market, ranking third by value with leisure spend expected to increase by 130% by 2030. Furthermore, tourism nights by visitors from Asia Pacific and Africa, are expected to increase by over 100% between now and 2030. For outbound travel, Saudi Arabia and Egypt dominate regional flows, while Thailand and the United Kingdom lead as preferred long-haul destinations. The four largest airlines in the region – Emirates, Etihad Airways, Qatar Airways and Saudia – have placed nearly 780 aircraft orders with Boeing and Airbus, representing major expansions to their existing fleets. This significant investment underscores the region's strategic focus on becoming a global aviation hub and meeting rising passenger demand over the coming decade. The Middle East's rise as a global hub for business events is another key highlight of the report, which states that spending on Middle East business travel will grow 1.5 times faster than the global average through to 2030. The region's strategic location at the centre of Asia, Africa, and Europe supports business and leisure travel, with the latter on a particularly strong trajectory for growth. The sector plays a vital role in developing the region's reputation for hosting major events. It is expected to experience the second-fastest rate of business travel growth among all global regions, underscoring the increased potential for combining business and leisure travel, or 'bleisure'. Curtis commented: 'At ATM 2025, we recognised the industry's hunger for innovation in travel technology as well as the rising demand for business travel across the region. In response, we launched two dynamic new zones, IBTM@ATM and the Innovation Zone, designed to empower our growing audience to shape the future of travel with the speed and scale our exciting industry demands.' The region is also witnessing unprecedented growth in luxury and lifestyle tourism, attracting a new generation of high-net-worth travellers, drawn to exceptional Middle East hospitality, curated experiences and premium cultural events. According to the report global spending on luxury leisure hospitality is expected to continue growing briskly reaching over US$390 billion by 2028. 'Travellers drawn to the Middle East tend to spend more on travel overall, nearly 60% habitually spending on luxury experiences while travelling compared to under 40% among travellers who favour other destinations,' added Curtis. Of the more than 170 luxury hotel properties in the Middle East, nearly 100 are situated Abu Dhabi and Dubai, with 22 currently in development. With several luxury properties in the pipeline among Saudi Arabia's Giga projects, the region will continue to serve as a preferred destination for luxury and leisure travellers. Following in the footsteps of the Qatar 2022 World Cup and Dubai Expo 2020, the Middle East region has a proven track record for successfully hosting high-profile entertainment and sports events. According to the ATM Travel Trends report, the strong appetite for sports tourism in the region will lead to a potential growth rate of 63% in the coming years, with the 2034 FIFA World Cup in Saudi Arabia set to continue this momentum. According to the report, golf, motorsports, football, cycling, and esports are all benefiting from heightened visibility and investment in the region. This surge in sporting and entertainment events is significantly boosting the travel industry, driving increased demand for hotel stays, flights, and related services, creating a ripple effect that supports broader tourism growth. ATM is the leading international travel and tourism event held annually in Dubai. It plays a vital role in shaping the future of global travel. Held at the Dubai World Trade Centre, the 2025 edition welcomed over 55,000 industry professionals from 166 countries, achieving year-on-year growth of 16%. The next edition will take place from May 4-7, 2026. - Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
a day ago
- Khaleej Times
Dubai office rents soar amid tight supply, strong demand
Dubai's office market is thriving, driven by strong demand, limited supply, and a surge in rental prices, positioning the emirate as a global hub for business and innovation. According to Savills' latest Dubai Office Market report, average year-on-year rental price growth soared 45 per cent across various sub-segments in 2025, with key business districts like the Dubai International Financial Centre (DIFC), Business Bay, Downtown Dubai, and TECOM leading the charge. DIFC, in particular, boasts an impressive occupancy rate of 98 per cent, underscoring the intense competition for premium office space. The city's Grade A office spaces are in high demand from both regional and international occupiers, fueled by Dubai's strategic appeal as a gateway to the Middle East, Africa, and Asia. Savills reports a 4.9 per cent increase in net effective occupier costs in Q1 2025, encompassing base rent, fit-out expenses, and other leasing costs. This places Dubai as the eighth most expensive prime office market globally, with average costs of $148.90 per square foot per annum. 'This growth reflects confidence in Dubai's long-term positioning,' said Toby Hall, head of Commercial at Savills. 'Companies view Dubai not just as a regional base but as a global node for innovation, finance, and enterprise.' Core sectors such as financial services, consulting, and technology and media are driving demand, accounting for the majority of market transactions. However, the supply of quality office space remains critically low, with Cushman & Wakefield Core projecting an undersupply until 2027-2028. While new office supply is set to double in 2025, adding 1.66 million square feet, much of this is already pre-leased due to unrelenting demand. DIFC alone will contribute nearly one-third of the city's office supply over the next three years, with most spaces expected to be occupied before completion. Dubai's office market holds the second-highest global occupancy rate at 92 per cent, projected to exceed 94 per cent by the end of 2025. In 2024, office rents surged by 22 per cent year-on-year, with forecasts predicting an additional 10-12 per cent increase in 2025. This growth is fuelled by an influx of new businesses and foreign companies drawn to Dubai's status as a trade, tourism, and financial hub. A CBRE report highlights that the chronic undersupply of quality space in prime locations has intensified competition, pushing rental rates up by over 20 per cent annually and creating challenges for tenants during lease renewals. Despite the tight market, landlords are adapting to meet evolving occupier needs. In established districts, where Grade A stock is scarce, property owners are offering tailored leasing terms, enhanced amenities, and refurbishments to attract tenants. In Business Bay, some strata landlords are now quoting rents comparable to DIFC, reflecting a broader uplift in perceived value across sub-markets. Meanwhile, lease renewals remain a popular choice for businesses, particularly outside DIFC, where Rera rental protections provide stability in a rising cost environment. Occupiers are also prioritizing functional layouts and long-term adaptability over expansive or elaborate office designs, optimizing space usage to align with modern workplace trends. While the outlook for Dubai's office market remains robust, with strong fundamentals and sustained occupier interest, the persistent undersupply poses challenges, as new deliveries in 2025 — approximately 100,000 square metres — are unlikely to alleviate pressure significantly. Most of these spaces will be pre-leased, leaving little room for new entrants or expanding businesses.
Arabian Business
a day ago
- Arabian Business
Middle East tourism spend to hit $350bn by 2030 amid luxury, sports, and business travel boom
Middle East tourism spending is projected to surge by 50 per cent to reach $350bn by 2030, according to the new ATM Travel Trends Report 2025, compiled by Tourism Economics for Arabian Travel Market (ATM). The report highlights the region's exceptional post-pandemic rebound and long-term growth potential, driven by luxury travel, business events, and sports tourism. Spending on tourism across the Middle East is already on track to exceed pre-pandemic levels by 54 per cent this year. Middle East tourism spending From 2025 to 2030, the market is expected to grow at more than 7 per cent annually. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: 'The report's findings confirm that travel growth in the Middle East is incredibly strong, with annual growth averaging more than 7 per cent through 2030. 'Bold national visions, game-changing developments, and enhanced connectivity are some of the key factors driving this momentum.' Key insights from the report include: Inbound travel to the Middle East is set to grow 13 per cent annually, with India, the UK, and China among the top source markets Chinese leisure spending alone is forecast to grow 130 per cent by 2030 Tourism nights from Asia Pacific and Africa will more than double Business travel in the region is expected to grow 1.5 times faster than the global average, positioning the Middle East as a top global 'bleisure' hub Luxury travel is booming, with nearly 60 per cent of visitors choosing premium experiences. Over 170 luxury hotels already operate in the region, with dozens more in development in the UAE and Saudi Arabia Sports tourism is forecast to grow 63 per cent, fuelled by major events such as the 2034 FIFA World Cup in Saudi Arabia and a surge in interest in motorsports, golf, cycling, and esports Airlines are scaling up rapidly to meet demand: Emirates, Etihad, Qatar Airways, and Saudia have placed nearly 780 new aircraft orders with Boeing and Airbus, solidifying the region's role as a global aviation hub As the Middle East continues to attract high-spending tourists and host world-class events, it is cementing its position as one of the fastest-growing and most dynamic tourism regions on the planet.
