RAK’s Wynn Al Marjan Island resort, which will include a so-called "gaming area", or casino, may encourage another 3.5 million people to visit the UAE each year, Hewett said. About 5.5 million people are expected to visit RAK in 2030, almost four times more than last year, when it already hit a record, Hewett said.
For comparison and linked to the opening of casinos and other resorts, Singapore visitor numbers grew more than 20 percent from 2009 to 2010, and then another 10 percent per year for the next three years after the opening of the Marina Bay Sands and Resorts World Sentosa in 2010, Universal Studios Singapore in 2011 and Gardens by the Bay 2012.
Global consultants EY forecast RAK hospitality demand will climb to roughly 9.6 million room nights in 2030, almost triple the number for 2022, based on an average length of stay of 3.5 days for overnight hotel guests.
At the same time, the emirate’s population is forecast to increase to about 650,000 people by the end of the decade, according to consultant Stirling Hospitality Advisors.
A more immediate solution to any supply gaps might be an increase in short-term lets, Andrew Cummings, head of residential agency at Savills Middle East, believes. He said he is seeing “strong potential” for this type of accommodation in prime locations in RAK, such as Al Marjan Island and Mina Al Arab.
“Developers have reacted to this shortfall by launching a range of residential supply to react to this demand,” he said.
RAK property prices grew 20 percent to 25 percent over the first eight months of 2024 and are expected to increase by 8 percent in 2025.
By Gavin Gibbon
