UAE: RAK’s Wynn expected to create bigger tourism boom than Macau, Singapore

Ras Al Khaimah (RAK), one of the UAE’s seven emirates, is poised to witness an unprecedented tourism boom with the launch of the Wynn Al Marjan Island Resort in 2027. According to Tariq Bsharat, Chief Strategy and Business Development Officer at Marjan Island’s top management, the project is expected to drive a 65% surge in visitor numbers in its first year, surpassing the growth rates seen in Macau and Singapore during their integrated resort launches. By 2030, RAK is projected to welcome over 5.5 million visitors annually, accounting for nearly 10% of all international tourists to the UAE. The resort’s impact will extend beyond tourism, catalyzing growth in real estate, retail, hospitality, and food & beverage sectors. Studies by Colliers and EY predict that the emirate’s population will grow from 400,000 to over 600,000 by 2030, necessitating new housing and infrastructure. Real estate prices in RAK have already surged since the project’s announcement in 2022, with off-plan apartment rates nearly tripling and villa prices rising by 92%. Bsharat emphasized that the Wynn project will not only attract visitors but also spur significant investment in hospitality and residential developments. Drawing parallels with Wynn’s successes in Macau and Singapore, Bsharat highlighted that RAK’s case is unique, as it represents the first Wynn resort in a burgeoning destination. The project is expected to position RAK as a global tourism and leisure hub, reshaping its economic and social landscape.