RAK continues to appeal to investors

22/11/2012 - Ras Al Khaimah Property News Posted by Bob Brunskill
RAK continues to appeal to investors

Ras al Khaimah (RAK) has always been overlooked by investors because of its close proximity to Dubai and Abu Dhabi, but the tide appears to be turning.The emirate is becoming increasingly popular among tourists - with visitor numbers rising sharply so far this year when compared with 2011 - and this is opening up greater opportunities for foreign investors.To attract even more interest, the RAK Tourism Development Authority (TDA) recently launched a new Electronic Tourism Licenses and Permits System in association with the Electronic Government Authority.It allows people to get easier access to new tourism licences and permits and can also be used for renewals.General manager of the RAK TDA Victor Louis said earlier this month that opportunities to attract fresh investment to the northern emirate abound.He feels RAK's free zone, specialised industrial areas and strategic location make it a very appealing destination for investors."By launching the Electronic Tourism Licenses and Permits System, we are taking a great step towards simplifying and facilitating procedures for investors who in increasing numbers are choosing to invest in this rising emirate," he remarked.This is just one element of the TDA's huge plans to put RAK on the map.In the summer, Mr Louis revealed that tourism projects worth $500 million (£313 million) would be launched in the coming year.The emirate is also looking to tap into lucrative new markets and is hoping to see more airlines add additional flights to important countries in Europe.In September 2012, bosses at RAK Airways unveiled ambitious plans to double the carrier's fleet of aircraft by November 2013.With more and more people around the world looking for flights to the UAE, it is vital that airlines are in a position to cater for this huge demand.Chief executive officer at RAK Airways John Brayford announced that a new direct flight to Abu Dhabi would also ensure RAK is better connected.RAK's sudden rise certainly opens up new options for investors looking for assets in the UAE.