Chapter 1 – Ras Al-Khaimah, The Pearl of the North
In the last decades, the United Arab Emirates (UAE) with its capital, Abu Dhabi, and the extravagant Dubai at the forefront, has positioned itself as one of the most attractive countries in the Gulf Region regarding innovation, technology, tourism and business.
Despite global economic uncertainty, the UAE have shown robust performance across all sectors. This resilience is fuelled by the safe-haven status of the Emirates, both geopolitically and economically. According to the World Bank and the International Monetary Fund (IMF), the UAE’s GDP is estimated to have grown by 3.0% in 2023 and this rate of growth is expected to improve further in 2024, to reach 4.7%.
By establishing major’s expansion plans and developments to drive growth through a global and long-term vision, as the Economic Growth Plan from the UAE government to double the economy by 2040, it has become evident that the country offers safety and robust growth potential. As Dubai is becoming more and more crowded and overwhelmed by a strong competition, investors and business makers are starting to look up and take advantage of other opportunities offered by other Emirates where high growth potential is, and Ras Al-Khaimah is one of them.
Focus: Ras Al-Khaimah – The Pearl of the North
Ras Al-Khaimah (RAK), ‘top of the tent’ in Arabic, is situated just an hour drive away from Dubai offers majestic mountains and a rich cultural heritage. RAK is known for seven millennia for its pearl industry, and even today, pearl fishing is still revered as one of the UAE’s treasured traditions.
Although historically RAK has been more serene and peaceful than Dubai, it is currently experiencing a remarkable transformation setting it in the front line to become one of the most prominent Emirates. The attractiveness of RAK is also constructed on the same model as the other Emirates, with a fully integrated scheme of business infrastructures, residency visa and 10-year Golden Visa for investors, 0% income taxes, as well as 0% taxes on real estate revenues, property ownership and profits related to real estate.
To sum up, why is investing in Dubai worth it?
Dubai is very well-known for having a good leadership strongly committed to long-term economic growth while focusing on innovation and luxury. In this aspect, the city’s real estate market has become a beacon of development and quality, thanks to experienced developers dedicated in maintaining the highest standards of quality in delivering their exceptional projects.
As Dubai continues to evolve, so do the opportunities to invest. From luxurious apartments in world-famous locations to new neighbourhoods, passing through gated communities offering privacy and exclusivity, Dubai’s real estate market offers solutions for all kinds of investors; whether focused on short-to-mid-term gains or long-term capital appreciation.
In conclusion, investors considering entering new markets should have Dubai at the top of their lists, as thanks to its proven track records of growth and development, Dubai is effectively not only dreaming about the future, but working to make the future a present reality. At Azraq Group, we provide bespoke guidance and expert advice at every stage of your real estate journey in the Middle East real estate market.