Ras Al Khaimah govt pumping $250bn into property in UAE

27/05/2012 - Ras Al Khaimah Property News
Ras Al Khaimah govt pumping $250bn into property in UAE

 The Ras Al Khaimah government is pumping $250 billion (£158 billion) into developing property in the UAE in order to boost the emirate's travel industry.According to Construction Week, the region's Tourism Development Authority (TDA) has invested in projects including the 340-room and suite Walford Astoria and the Rixos Bab Al Bahr, which has 627 rooms.The former marks hotel giant Hilton's Worldwide luxury brand's first foray into the UAE, while the latter is the first establishment of that size to be set up in the Middle Eastern country.Both properties are due to welcome their first guest in 2013, while a 309-room DoubleTree by Hilton resort is due to open its doors in 2014.The TDA - which has just celebrated its first anniversary after launching in May 2011 - recently received His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah.His acknowledgement of the organisation's efforts highlights the importance of the body in enhancing the emirate's tourism industry and putting the spotlight over property in Ras Al Khaimah.At the Arabian Travel Market in Dubai, Sheikh Al Qasimi said of the emirate's tourism efforts: "I would like to congratulate the TDA on its first anniversary and the great accomplishments the authority has made in its first year in the Emirate."The region is one of the United Arab Emirates and sits north of Dubai, Sharjah and Umm Al Quwain and south of the Oman enclave.TDA officials have more plans for the emirate, with chief operating officer Victor Louis stating: "While our initial implementation projects are well on the way to reaching completion, we are looking forward to embarking upon a series of new projects in the future."He revealed that Ras Al Khaimah plans to welcome 1.2 million visitors by 2013 and achieve 10,000 hotel rooms by 2016.Earlier in 2012, the TDA witnessed the launch of the 186-key Mangrove Hotel on the Al Qassimi Corniche, while future projects include the Al Hamra Marina and Yacht Club and the Banyan Tree Al Wadi extension scheme, which will include an equestrian centre and on-site wildlife.