The government of Ras Al Khaimah has signed a deal with Rakeen Development to take over the luxury Banyan Tree Al Wadi desert resort.
Rakeen Development will hand over ownership of Banyan Tree Al Wadi to the government of Ras Al Khaimah, as per the agreement.
H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, commented: “With this wonderful partnership and our regional expertise, we believe that Banyan Tree Al Wadi will outgrow its potential, achieve new heights and grow to become the beacon of top-class quality service in this region.
“We aim to create an impact as a strategic player and increase our portfolio with a goal to attract world-class hotel corporations and investors to the emirate of Ras Al Khaimah that is with our robust economic growth and strong tourism expansion plan in the next few years,” His Highness asserted.
The acquisition of Banyan Tree Al Wadi is part of the emirate’s 10-year ambitious growth plan, will involve the investment of millions of dollars into hotels and tourism projects in order to increase visitor figures.
The emirate is aiming to grow tourism revenues to account for 20% of its income by 2021 — by positioning itself as a lower-cost destination to neighbouring Dubai.
Banyan Tree Al Wadi was officially launched on April 17, 2010, in the Wadi Khadeja area of RAK, set amongst 100 hectares of private nature reserve.