RAK govt to buy Banyan Tree Al Wadi

31/05/2011 - Ras Al Khaimah Property News Posted by Neil King
RAK govt to buy Banyan Tree Al Wadi

The government of Ras Al Khaimah (RAK) is to buy Banyan Tree Al Wadi resort from Rakeen Development.It forms part of the emirate's ten-year growth plan, which will see the government invest in hotels and tourism projects to increase visitor numbers and rival other emirates like Dubai.Indeed, Hotelier Middle East reports that RAK hopes that tourism revenue will account for 20 per cent of its income by 21 per cent.Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of RAK, said at the signing of the deal: "We believe that Banyan Tree Al Wadi will outgrow its potential, achieve new heights and grow to become the beacon of top-class quality service in this region."We aim to create an impact as a strategic player and increase our portfolio with a goal to attract world-class hotel corporations and investors to the emirate."Furthermore, it was reported by CNBC-TV18 that RAK is seen as a good investment hotspot for Indian companies, largely driven by the free trade zone.