RAK TDA announced a strategic investment programme that will position the Emirate as one of the most preferred destinations in affordable luxury.
Ras Al Khaimah Tourism Development Authority (RAK TDA) on Sunday announced a strategic, high-impact investment programme that will position the Emirate as one of the most preferred destinations for tourism and investments in affordable luxury.
Endorsed by the government of Ras Al Khaimah, the new initiative, SelectRAK, is rolled out in partnership with Arton Capital, a government advisory company that focuses on promoting public-private partnerships that energise economies around the world.
SelectRAK will focus on providing an array of benefits to investors, including long-term residency based on criteria outlined by the government. By enhancing the appeal of Ras Al Khaimah for investment, the initiative will help build all core economic sectors, including healthcare, hospitality, education, trade, and retail, in turn, creating new jobs and supporting domestic enterprises.
The initiative will also support investors in registering and operating international businesses from Ras Al Khaimah, and assist in finding a home of their choice in the Emirate. All investors who meet the criteria and other guidelines mandated by the government will also be provided long-term residence visas.
Raki Phillips, CEO of RAK TDA, said the new programme will deliver a demonstrable positive impact, by welcoming global enterprises, investments, and talent to the Emirate.
He added, “This strategic platform will serve as a one-stop-hub for promoting the Emirate, highlighting its tourism attractions to a global audience by underscoring business and investment opportunities, and showcasing a compelling lifestyle as a haven from the bustle of big cities.
“Our goal to promote Ras Al Khaimah as a wonderful tourism destination, and to help energise all economic sectors, is aligned with the long-term vision of the leadership to establish the Emirate as one of the preferred places to live and work.”
SelectRAK will focus on promoting Ras Al Khaimah as “an authentic escape to affordable luxury” and highlight its differentiating strengths - including the diverse tourism attractions spanning the mountain, sea and land; the high quality of life assured; business opportunities; and rich cultural heritage.
“There is immense potential in Ras Al Khaimah, and we look forward to contributing over two centuries of collective team experience to this exciting initiative. SelectRAK will showcase the benefits of investing in the Emirate on the global stage,” said Armand Arton, Founder and President of Arton Capital.
Ras Al Khaimah is one of the fastest-growing tourism, investment, and lifestyle destinations in the region, welcoming investors from around the world. With one of the largest economic zones that is home to more than 13,000 companies, Ras Al Khaimah offers 100 per cent ownership of firms and zero income tax.
SelectRAK is the latest strategic initiative from Ras Al Khaimah, following the Authority’s recent announcement of over 20 sustainable tourism development initiatives, marking an investment of half a billion dirhams.
Meanwhile last year Ras Al Khaimah Tourism Development Authority, RAKTDA, has unveiled support measures that was in place from mid-April aimed at helping tourism industry in the wake of the COVID-19 pandemic. It include a six-month waiver of all touristic licences; waiver of tourism dirhams from March to May; a complete exemption of tourism licencing fees for Q2 and Q3 and tourism licencing fines until Sept, 30th, 2021.
The tourism authority said this move further reflects the emirate’s ‘ONE RAK’ commitment to transparency, ease of doing business and global community spirit. It has sent all business partners and stakeholders a comprehensive contingency plan, which maps out short to mid-term solutions to mitigate the negative impact of coronavirus on travel to Ras Al Khaimah.
Addressing partners and stakeholders via a virtual meeting, CEO Raki Phillips highlighted that the hospitality industry was facing a grave threat from the coronavirus. The UNWTO estimates losses from international visitor spends to be between $30-50 billion globally, while the World Travel and Tourism Council has found up to 50 million jobs have been put at risk.
RAKTDA’s prompt robust response sees the creation of an internal Stimulus Committee and Steering Stimulus Committee representing the emirate. Led by Raki Phillips and top executives across the hospitality, leisure and development sectors.
This support will be further enhanced by a dedicated Financial Incentive Package for non-government owned touristic entities, including a budget, midscale and 4-star hotels as well as attractions, golf courses and other tourism establishments, the tourism authority said, adding that in addition to this, hospitality partners will be able to benefit from complimentary participation in a diverse array of exhibitions and roadshows set to take place in 2020 and 2021 within the emirate and abroad.
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