The island, which is set to be completed by 2023, is expected to house a diverse range of residential, commercial, and leisure facilities. ### The Vision of Al Marjan Island Al Marjan Island is a testament to the vision and ambition of RAK’s leadership. The project aims to create a vibrant, sustainable community that caters to the needs of residents, businesses, and tourists alike. * Residential Spaces: The island will feature a mix of luxury apartments, townhouses, and villas, offering a range of options for different lifestyles and budgets. * Commercial Opportunities: With ample space for retail, office, and hospitality developments, Al Marjan Island is poised to become a bustling economic hub. * Leisure and Recreation: The island will boast a variety of leisure facilities, including a marina, golf course, and waterfront promenade, providing residents and visitors with ample opportunities for relaxation and entertainment. ### The Economic Impact The development of Al Marjan Island is expected to have a significant economic impact on the region. * Job Creation: The construction and operation of the island will create thousands of jobs, providing a much-needed boost to the local economy.

However, Macau’s experience offers a unique perspective, given its rapid growth and the scale of its gaming industry. ## Macau’s Gaming Boom: A Tale of Rising Property Prices Since the liberalisation of Macau’s gaming industry in 2002, the city has experienced a dramatic transformation. The influx of casinos has not only changed the social and economic landscape but has also led to a significant increase in property prices. * Rapid Economic Growth

• Macau’s GDP has grown exponentially, with the gaming sector contributing a substantial portion. * The city has become a global leader in gambling, attracting millions of visitors each year. * Impact on Property Prices
• Property values have skyrocketed, with luxury real estate becoming a hot commodity. * The demand for housing has outpaced supply, leading to a surge in prices. * Comparison with Las Vegas
• While Las Vegas has long been a benchmark for understanding the impact of casinos on local economies, Macau’s experience offers a unique perspective.

  This surge in demand is attributed to the city-state’s robust economic growth, political stability, and strategic location. ## The Rise of Global HNWIs in Singapore’s Luxury Property Market Singapore’s luxury property market has witnessed a significant surge in interest from High Net Worth Individuals (HNWIs) in the first half of 2024. The total sales volume of prime non-landed residential units reached a remarkable $737 million, marking a substantial increase from previous years. * Economic Growth and Stability – Singapore’s robust economic growth has been a major draw for HNWIs. – The city-state’s political stability provides a secure investment environment. * Strategic Location – Singapore’s strategic location in Southeast Asia makes it an attractive hub for international business. – The city-state’s excellent connectivity and infrastructure further enhance its appeal. ## The Appeal of Singapore’s Luxury Properties Singapore’s luxury properties offer a unique blend of style, comfort, and exclusivity that appeals to HNWIs.

  The Rise of Real Estate in Ras Al Khaimah

  Ras Al Khaimah, a key member of the United Arab Emirates, is witnessing a transformative phase in its real estate sector. With substantial investments in infrastructure and airport connectivity, the emirate is poised for a real estate boom. * Infrastructure Development:

  • Easier access for tourists and business travelers

  The Impact on Al Marjan Island

  Al Marjan Island, a popular tourist destination, stands to benefit significantly from these developments. Here’s how:

  • Improved transport links will make the island more accessible to tourists and business travelers. * Easier access will likely lead to an increase in visitor numbers. * Enhanced Tourism Experience:
  • Better infrastructure will enhance the overall tourism experience on the island. * Improved facilities and services will attract more visitors. * Real Estate Market Boom:
  • The influx of tourists and business travelers will drive demand for accommodation and commercial spaces.
    

    The Rise of the UAE’s Residential Property Market

    The United Arab Emirates (UAE) has witnessed a significant surge in its residential property market, as reported by REIDIN. This growth is a testament to the country’s robust economic health and its appeal as a prime location for luxury real estate investments. * Economic Growth and Investor Confidence

    • The UAE’s economy has been thriving, leading to increased investor confidence. * The residential property market is a reflection of this economic prosperity. * Al Marjan Island: A Beacon of Luxury
    • Al Marjan Island, in particular, has become a magnet for luxury brands. * Its strategic location and high-end amenities make it an attractive destination for affluent buyers. ## The Impact of Luxury Brands on Property Prices

    The influx of luxury brands to Al Marjan Island has had a profound impact on the residential property market. As these high-end brands establish their presence, they contribute to the desirability and exclusivity of the area, driving property prices upward.

    The Pursuit of Economic Diversification in Ras Al Khaimah

    Ras Al Khaimah, a key player in the United Arab Emirates, is making significant strides in diversifying its economy. Recognizing the risks associated with over-reliance on tourism and real estate, the government is implementing a series of strategic initiatives to attract a broader range of industries. ### Government Incentives The government’s commitment to economic diversification is evident in its introduction of various incentives:

    • Tax breaks for businesses in emerging sectors
    • Investment in infrastructure and technology to support growth

    These measures are designed to create a favorable business environment that encourages both local and international companies to invest in Ras Al Khaimah. ### Attracting International Businesses The diversification strategy is not only benefiting the local economy but also positioning Ras Al Khaimah as a hub for international businesses:

    • Manufacturing sector: The government is investing in state-of-the-art facilities to attract manufacturers, particularly in the automotive and pharmaceutical industries.

      The writer is the CEO and founder of Cledor.