HONG KONG: Ras Al Khaimah, one of the seven city-states of the United Arab Emirates, is stepping up efforts to attract Chinese and Hong Kong investors in the real estate, green and digital sectors as the UAE and China deepen cooperation.
Ras Al Khaimah (RAK), the fourth largest of the seven emirates, aims to attract more than 3.5 million tourists annually by 2030, up from 1.3 million in 2024. Wynn Resorts, an integrated casino and hotel operator listed in the United States and Hong Kong, plans to open its first casino in the UAE in the first quarter of 2027.
Abdullah Al Abdulli, Marjan’s CEO who is leading major developments such as the Al Marjan Island resort, told Reuters that investors from mainland China and Hong Kong are interested in real estate, hotel and apartment opportunities.
There are also opportunities for family offices, he added.
“We are also looking at other ancillary projects, such as healthcare, education, entertainment, museums, etc. I see there is potential there for family offices to invest and leverage,” Al Abdulli, a member of the delegation to Hong Kong, said in an interview.
He said major Chinese construction companies such as China National Construction Engineering and China Railway are participating in the development of Al Marjan Island, with the aim of building 8,000 hotel rooms, 12,000 residential units and 600 villas in the next few years.
Sameh Muhtadi, CEO of RAK Properties, said the company is considering opening a sales and marketing office in China.
Chinese Foreign Minister Wang Yi, who is on a three-country tour of the Middle East in December, pledged to deepen cooperation with the UAE in the areas of investment, oil and gas, and infrastructure.
The UAE and Hong Kong last year signed a regulatory agreement that allows investment funds and asset managers licensed in one market to be recognized in the other, streamlining cross-border access and expanding flows between Asia and the Middle East as competition between financial centers intensifies.
(Reporting by Claire Jim; Editing by Anne-Marie Roantry and Philippa Fletcher)
