Ras Al Khaimah to Benefit from $4 Billion Wynn Resorts Al Marjan Project

The ongoing Wynn Resorts joint integrated resort project in Ras Al Khaimah (RAK), UAE is expected to provide significant short-term growth momentum to the Emirate, and serve as a catalyst to attract further investment, Fitch Ratings said.

The state-owned enterprises RAK Hospitality Holding and Marjan LLC partnered with Wynn Resorts to develop the Middle East’s first integrated resort on Al Marjan Island, slated to open in early 2027.

Fitch Ratings has recently upgraded Ras Al Khaimah’s Long-Term Foreign-Currency Issuer Default Rating to ‘A+’ from ‘A’, maintaining a stable outlook, a decision it said reflects stronger medium-term growth forecasts, resilience to external shocks, and prospects of increased fiscal revenue thanks to large investment projects and economic diversification.

According to Fitch Ratings, this project is expected to boost real GDP growth significantly over the next few years and attract further investment. The combination of new investments and upcoming tax legislation changes is anticipated to support public revenue.

Fitch estimates that the construction phase will boost RAKs real GDP growth by 1 percentage point in 2023, 2 percentage points in 2024 and 2 percentage points in 2025. The cost of the integrated resort was initially estimated at around $4 billion, or 32% of RAK’s GDP in 2022.

Fitch Ratings also said that the announcement of two other master plans, RAK Central and Beach District, in January 2024 has already raised some interest from domestic and foreign investors.

“This also contributes to a robust medium-term growth forecast of 6.2% in 2024 and 5% in 2025,” The global ratings agency said.

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“RAK benefits from its membership in the UAE, sharing the federation’s monetary and exchange-rate system and receiving significant federal support, which helps compensate for the lack of external sector data,” Fitch Ratings said.

It may be recalled that Wynn has confirmed a few months ago that the construction of the hotel tower of the new multi-billion-dollar entertainment and hospitality project has started. Wynn Resorts CEO Craig Billings, explained that the property at Al Marjan island would be a stunner, and it was great to see the buildings start to take shape.

He spoke about the importance of the project for Wynn, revealing that it allows the company to diversify its portfolio and grow its global footprint at the same time. Wynn Al Marjan Island is expected to be completed and welcome its first guests at some point in 2027.