Ras Al Khaimah aims to attract 3.5 million tourists by 2030
Ras Al Khaimah is gearing up for a tourism boom, with ambitious plans to attract more than 3.5 million tourists over the next five years, alongside a growing push to welcome more residents to become part of the emirate's evolving community.
Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority, said this as he highlighted the emirate's rapidly expanding tourism ecosystem, driven by bold investments, forward-looking development plans, and a clear focus on sustainability, authenticity, and future-readiness.
'Our goal isn't just about visitor numbers, it's about building a destination people want to return to and even call home,' Phillips said while speaking at a tourism excellence awards ceremony at the Mövenpick Resort held on Wednesday at the Mövenpick Resort Al Marjan Island.
'We're making sure the visitor experience remains front and center. It's the everyday interactions and memorable stays that turn tourists into lifelong ambassadors.'
The award served as a platform to celebrate excellence across key pillars of tourism, including hospitality, leadership, innovation, community engagement, and sustainability.
Meanwhile, the awards, which is in its first edition, featured six diverse categories designed to reflect the multifaceted nature of Ras Al Khaimah's tourism ecosystem, recognising both individual and corporate achievements. The categories included Corporate Hospitality Excellence, Individual Innovation, Culinary Artistry, Hospitality Leadership, Community Involvement, and Environmental Responsibility.
Notably, the awards emphasised the importance of long-term impact over short-term wins, with categories judged on measurable outcomes and meaningful contributions to the emirate's tourism vision.
Ras Al Khaimah's commitment to green tourism was spotlighted through initiatives like the 'Responsible RAK' framework and the Green Hotel Award, which recognises not just compliance, but leadership in environmental responsibility.
'With the world watching, we are achieving firsts that haven't been done anywhere else,' Phillips added.
'The best is yet to come for Ras Al Khaimah.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
an hour ago
- Khaleej Times
From GIFT to Singapore: How global hubs are shaping the new playbook
- Associate Partner, MICS Everyone has heard of the UAE's headline single digit nine per cent corporate tax rate. But what most people don't realise is that some of the world's biggest companies despite being based in high-tax jurisdictions, have consistently paid effective tax rates in the single digits, typically ranging from six to nine per cent. How is that even possible? One simple answer: Smart, strategic tax optimisation. So how did these companies structure themselves to achieve such outcomes? Is it still feasible in today's complex and constantly evolving global tax environment? And if so, how complicated is the playbook? Let's unfold the global tax game – and how building the right structure can be your winning move. Where it all begins: Structuring with purpose When companies set up operations, their primary considerations often revolve around ease of doing business, customer proximity, and market access. Surprisingly, tax is rarely the top factor at least initially. But not all functions in a company are tied to these operational dependencies. Some, like headquarters, treasury centres, intellectual property (IP) ownership, holding companies, and SPVs, can be located with greater flexibility. And when done right, these choices can be game-changers for both operational efficiency and tax savings. The big Fours: Holding companies, HQ, treasury, and IP Here's where strategy enters the game: • Holding company: Often used to centralise ownership of subsidiaries and assets, and to efficiently manage dividends, capital gains, and group-level financing. • Headquarters: Can be placed in jurisdictions that offer not only strategic access but also favourable tax regimes. • Treasury functions: Since these involve managing global cash flows and financing, tax and regulatory predictability matter more than physical proximity. • Intellectual Property (IP): IP holding companies are frequently located in countries that offer tax incentives on royalties and capital gains. Locating these functions in jurisdictions with stability, feasibility, predictability, and favorable tax treatment can significantly enhance the bottom line. Equally important are withholding tax (WHT) implications and the availability of double taxation avoidance agreements (DTAAs), which directly impact the tax efficiency of cross-border payments such as dividends, interest, and royalties. Jurisdictions with strong treaty networks often provide reduced or zero WHT rates, making them particularly attractive for housing holding companies, treasury hubs, and IP ownership. There are famous examples – Apple and Google, among others – who have reaped enormous tax benefits simply by strategically housing their IP in favourable jurisdictions. Top jurisdictions for strategic tax functions Each jurisdiction has carved its niche: • Singapore: A globally trusted IP hub offering attractive tax incentives for IP development and commercialisation. • GIFT City (India): Rapidly emerging as a preferred jurisdiction for treasury operations and regional headquarters due to its regulatory clarity and tax exemptions. • Ireland and Luxembourg: Historically favoured for IP and financing structures, though tightening global tax norms have nudged companies to reassess. • UAE: Supported by an extensive network of DTAAs and evolving tax infrastructure, it is gaining ground as a versatile base for several strategic functions. UAE: A strategic player in the evolving tax landscape With the introduction of its corporate tax regime in 2023, the UAE repositioned itself as a credible and competitive jurisdiction in the global tax planning ecosystem. Operating from a qualifying free zone can allow key functions – including HQ, treasury, holding companies, SPVs, and IP – to potentially benefit from a zero per cent corporate tax, subject to meeting substance and activity-based requirements. In addition, access to a growing network of DTAAs allows for potentially favorable withholding tax treatment, enhancing the efficiency of global structures. Rather than aiming to be a low-tax outlier, the UAE is adapting to global standards while still offering targeted advantages that businesses can leverage based on their specific needs. A final reflection In the modern tax environment, where compliance and optimisation must go hand in hand, no single jurisdiction offers a one-size-fits-all solution. Singapore continues to lead as a preferred jurisdiction at least of Asia, for IP and regional HQs due to its R&D incentives and robust legal framework. GIFT City is rapidly gaining ground with focused benefits for treasury operations and financial entities. Ireland and Luxembourg, while reassessing their frameworks post-BEPS, still retain relevance for certain financing and licensing models. The UAE, with its blend of flexibility, treaty access, and evolving infrastructure, is now a serious consideration for global tax planning. Ultimately, the winning move lies in aligning your operational footprint with a tax strategy tailored to your business's functions, risk profile, and growth vision.
The National
an hour ago
- The National
US keeps embassies open in Iraq and Bahrain
The US is keeping its embassies running in Iraq and Bahrain even as it enters the worsening air war nearby in Iran, The National has been told. Some American staff left Iraq this weekend, an embassy representative said, as part of an "orderly departure" that began 10 days ago just before Israel attacked Iran. The US entered the conflict with air strikes early on Sunday. However, the US embassy in Baghdad and consulate general in Erbil "remain open and operating", the official said. They said the US State Department "continues to closely monitor the security situation across Iraq". The US embassy in Bahrain also remains open and "we are not evacuating staff", an official said. The kingdom is home to the US Navy's Fifth Fleet, which covers the Middle East. The departure of non-essential staff from Baghdad on June 11 foreshadowed the Israeli attack on Iran that began two days later. The conflict has caused travel problems as airports are closed and passengers seek alternative routes. The Iraqi government is eager not to be drawn into the conflict and has asked the US and Iran not to turn the country into a battleground. However, there are fears that Iran-backed militias in Iraq will spring into action now that the US has entered the war. Iraqi travellers have complained of chaos and price gouging as they try to return home during the conflict, which escalated dramatically in the days after Hajj and Eid Al Adha had prompted many people to travel around the region. Bahrain issued public safety guidance on Sunday under which most government employees will work from home. Kuwait is preparing shelters for use by ministries. The European Union's naval mission in the Red Sea, Aspides, meanwhile raised its assessment to "severe" for vessels with US and Israeli interests sailing through parts of the region.
Khaleej Times
an hour ago
- Khaleej Times
UAE infrastructure stocks likely to boom as country embarks on ambitious projects
While the summer season is usually a quieter period for financial markets due to widespread investor holidays, global sentiment remains overshadowed by persistent geopolitical tensions this summer. Escalating concerns over US tariff measures and the intensifying Israel–Iran conflict, with US entering the war on Sunday, have cast a pall over risk appetite, driving cautious investor positioning and heightened market volatility. Yet, against this backdrop of global unease, the UAE is pressing ahead with an ambitious slate of infrastructure projects, using the relative calm of the summer months to accelerate key developments. With lighter traffic during the holiday stretch, authorities are fast-tracking enhancements to the country's transport network, signaling an open window for investors seeking early exposure to the next wave of growth. Major infrastructure initiatives are underway to strengthen both east–west and north–south connectivity across the emirates through new roads and metro extensions. In Dubai, upgrades to Hessa Street and the expansion of the Metro network with the Blue Line are pivotal undertakings aimed at easing congestion and linking emerging residential and commercial hubs. Meanwhile, the landmark Etihad Rail project is progressing steadily, ultimately set to integrate all seven emirates with a modern rail link, opening new avenues for investment in real estate and infrastructure equity. Adding to the skyline's evolution, Dubai Creek Harbour is constructing what is projected to become the tallest tower in the world, surpassing the iconic Burj Khalifa. In tandem, Dubai South continues to evolve as the city's future primary aviation center with the forthcoming Al Maktoum International Airport, cementing the UAE's role as a regional transport and logistics powerhouse. 'These transformative projects are expected to cut travel times by more than 75 per cent' says Razan Hilal, Market Analyst, CMT at adding 'they will boost connectivity across burgeoning districts, laying the groundwork for robust property market performance, economic diversification, and sustainable urban planning for decades to come.' 'While short-term volatility persists due to external shocks, the UAE's commitment to long-term national development plans - Vision 2025, 2030, and 2040 - suggests that current market dips may present strategic entry points for long-term investors', observes Hilal. She adds: 'Amid this climate, portfolio diversification remains prudent. Commodities like oil continue to serve as a hedge against supply disruptions in the region, while gold and silver retain their appeal as safe-haven assets, particularly relevant as industrial demand for silver expands in the technology sector. Several publicly listed companies like Dewa, Union Properties, Tabreed and Salik stand to benefit directly from this wave of development, each playing a strategic role in energy, cooling, real estate, and road toll management respectively. However, despite this local momentum, the MSCI UAE Index has shed over 7 per cent this month, reflecting broader concerns over dollar weakness and geopolitical turmoil. Leading developers such as Emaar Properties have seen share price corrections of around 5 per cent, underscoring the cautious tone prevailing among regional investors. Overall, while global headwinds pose challenges, the UAE's clear focus on future-ready infrastructure and urban resilience reinforces its appeal as a steady beacon of opportunity for investors looking beyond short-term volatility.
