Plans for the Gulf’s first casino, in the once-sleepy emirate of Ras Al Khaimah, have been a boon for RAK Properties, a luxury developer which is looking to open its first international sales office in the UK, its CEO told Semafor.
British buyers, as well as Indians and Russians, helped RAK Properties more than double its sales last year to 3.4 billion dirhams ($910 million).
The developer is partially owned by the government of Ras Al Khaimah, which holds a 34% stake and has allocated large swaths of prime coastal real estate to the firm. The emirate — best known as a major ceramics producer — is poised for a boom when the Wynn Al Marjan resort opens in 2027, becoming the Gulf’s first destination for legal gambling.
RAK Properties is targeting 25% annual growth in revenue, profits, and project delivery in the next five years, CEO Sameh Muhtadi said. It has branding tie-ups with the Four Seasons hotel group and Armani, and plans to deliver nearly 2,000 units by the end of 2026. Part of the pitch to prospective buyers: Expect to fetch a high rental premium from vacationers.