| Hotels priority for RAK developers
Projects under way include a Dh500 million (US$136. Authorities at the Ras Al Khaimah Tourism Development Authority hope that tourism will comprise 20 per cent of the emirate's economy by 2021 and generate in excess of $1bn a year. "The adjustment in prices, particularly in Dubai, has obviously impacted on that, and there has been a significant flow of people from the Northern Emirates into Dubai as the prices have fallen. "That has obviously limited the demand for property in Ras Al Khaimah. Ras Al Khaimah has about 3,500 rooms under development or already open and is aiming to have 10,000 hotel rooms by 2016, according to figures from the authority. "You would be expecting limited demand or interest for residential in [Ras AL Khaimah] at the present time. "It was originally planned to be owner-operated - in other words we would operate it ourselves. "The decision was then taken about two years ago to bring in an international operator and have it branded. Al Hamra initially planned to manage directly the property that is to become a Waldorf Astoria. Plans to develop a $1 billion "Real Madrid" resort in the emirate were announced by the Ras Al Khaimah Investment Authoritythis year, with funding expected to be raised through foreign investment. The number of visitors to the emirate reached 835,000 last year, up from about 500,000 in 2010. "Having said that, we're not completely moving away from real estate either," Mr Hawkes said. "We have got some areas of our village which have not yet been developed, which have been earmarked for future projects, and we're still exploring those and the right time to launch. Other projects on which Al Hamra is focusing include a renovation of Al Hamra Fort Hotel, that will also be managed by Hilton, and it is expanding Al Hamra Mall. "We're expanding in the areas where we've identified growth. "Commercially as a group, our strategy needs to evolve according to market conditions. Al Hamra said that it had finished building what it started in terms of home developments but that some of the property development that was planned was put on hold. The emirate is aiming to attract at least 1. |
Monday, 4 June 2012
Hotels priority for RAK developers
