Latest news with #WynnAlMarjan
Zawya
02-07-2025
- Business
- Zawya
Wynn Al Marjan Island debuts Enclave: A destination within a destination
Ras Al Khaimah, U.A.E – Wynn Al Marjan Island, slated to open in early 2027 in Ras Al Khaimah, United Arab Emirates, has released the first details and images of Enclave – a new hallmark of Wynn's platinum-standard hospitality with bespoke service, extraordinary amenities, and lavish accommodations high above the grandeur of the greater Wynn Al Marjan Island resort. Designed as an exceptionally rarefied address, Enclave is defined by its exclusivity and intimacy, with an elevated focus on privacy and intuitive service within an opulent world unto itself. Conceived as a supremely elegant, coastal mansion of rarefied tranquility and anticipatory service, the arrival to Enclave occurs via a private, guarded, and verdant entry drive that welcomes guests into an exquisite lobby available exclusively to in-residence Enclave guests. The lobby salons of Enclave are a prelude to a stunning processional gallery that leads guests to private elevators, which ascend to the hushed serenity of no more than 15 suites per floor. Located on the uppermost levels of the resort's iconic 300-meter tower, Enclave's accommodations are awash in a stunningly tranquil palette of platinum, sapphire, cream, gold, and sea mist, hues that float cloud-like above the crystal-clear waters of Wynn Al Marjan Island. Created by Wynn Design & Development, Enclave's collection of accommodations comprises 99 suites with four distinct plans, from Enclave King Suites at 75 sqm to two lavish two-story Royal Apartments measuring 1,500 sqm. True to Wynn's signature approach to creating spaces of timeless and enduring elegance, the suites envelop guests in a deeply residential sensibility and an aesthetic that embraces their stunning location in the sky, while also being deeply rooted in the lore of the region and its many international influences. Thoughtfully curated in-room amenities anticipate the expectations of discerning international travelers around the clock. Dual in-room private pantries reflect this commitment to anticipatory service and amenities: AM and PM provisions are presented in separate bespoke cabinetry and offer a refined product assortment tailored to each suite type. Wynn's anticipatory approach to exceeding the expectations of its global clientele is evident in every detail of the suites' design, with deep consideration given to important cultural sensitivities and preferences. Wynn Al Marjan Island will attract Wynn Resorts' most diverse and sophisticated international clientele, and the accommodations within Enclave reflect this in every detail. Positioned at the peak of the Wynn Tower, two Royal Apartments of unprecedented extravagance and scale will make their debut within Wynn Al Marjan's Enclave. As the penultimate commissions of internationally renowned designers Anouska Hempel (London) and Pinto Design (Paris) in collaboration with Wynn Design & Development, the Royal Apartments will be unrivaled by anything on the world stage of hospitality design and usher in a new era of Wynn's signature approach to creating experiences of celebrated elegance and glamour. Another hallmark of the Enclave experience is its private reserve pool and beach setting along the East edge of the resort's gardens. Here, Enclave guests will enjoy a commanding view of Wynn Al Marjan Island's pristine shoreline and nightly sunsets in the Arabian Gulf's western sky. Designed to accommodate a variety of experiences, ranging from quiet, secluded retreat to fun family gatherings, three pools and a private beach are situated within a verdant tropical setting of chic cabanas and private bungalows. As a hallmark of the Enclave pool and garden experience, beach butlers offer dining service on-demand, with every need anticipated from the comfort of a guest's poolside chaise, cabana, or bungalow. Central to the Enclave experience is its restaurant located above the grand lobby, welcoming guests into a rich and luminous setting that is at once stylish and timeless. Breakfast service is offered exclusively to Enclave guests, after which the glittering skylit restaurant transforms for lunch and dinner into a vibrant celebration of Lebanese cuisine. The authenticity and artfulness of the cuisine will define the restaurant as a new culinary landmark, helmed by a renowned Beirut and Paris restaurateur whose UAE debut comes with the opening of Wynn Al Marjan Island's Enclave. Equally central to the Enclave experience is its private Lobby Lounge and adjacent Concierge Salon, located just off Enclave's gallery promenade. The Lobby Lounge receives guests into an intimate living room with French doors that unfold onto a romantically draped outdoor veranda. Morning coffee service transitions to afternoon tea and then culminates with an evening cocktail and champagne menu, which is paired with a petit menu from the Lebanese restaurant above. In every detail, the Lobby Lounge is an elevated experience that introduces a degree of luxe conviviality akin to Wynn Las Vegas' storied lounges of award-winning design, mixology, and service. 'Wynn Resorts' passion for launching Enclave for the first time provided us the opportunity to deliver an experience unlike anything that exists in this region of the world: the challenge has been to build upon our expertise in creating intimacy within grandeur and to redefine the integrated resort experience. With the imagining of Enclave, we've invested exceptional design sensitivity into the importance of personal scale and a heightened sense of individual recognition. Every dimension of our design process in creating this jewel within Wynn Al Marjan Island's crown has been as artful and precise as cutting and polishing the facets of a rare and priceless gem,' said Todd-Avery Lenahan, President & Chief Creative Officer of Wynn Design & Development. 'As with the overall resort's design concept of 'veiling and revealing' at every turn, it's often what's not seen that is more alluring and beautiful than what's obvious. That's what makes the rarefied veil of Enclave so special.' Created and designed by Wynn Design & Development — the award-winning in-house powerhouse behind the brand's global portfolio — Enclave's design ethos is rich architecturally, yet relaxed and restrained to the senses, with an exceptional level of craft and artistry imported by Wynn Design from around the world for this singular new hotel address. Its curated art collection presents a journey of exceptional storytelling spanning a global collection from contemporary to ancient. Details abound, and it is here that delight and discovery are experienced in an atmosphere of discretion and design decadence that are rarely, if ever, imagined as they have been for Enclave. Set across more than 60 hectares, Wynn Al Marjan Island is comprised of 1,217 resort rooms and 297 Enclave suites, plus two Royal Apartments, four garden Townhomes, and 10 Marina Estates. Additionally, guests will discover 24 international dining, lounges and club venues, the region's most opulent spa and beauty destination, and a skylit shopping parterre of flowering gardens framing the most venerable international luxury brands, each beckoning a sophisticated global clientele. Coral Court is the resort's stunning setting for celebrations, events, and meetings year-round. The Showroom is the home of the resort's soon-to-be revealed theater entertainment. Blanketing the spectacular island resort is the UAE's most lush and verdant landscape. Twelve elaborate pools are bordered by a 420-meter private beach. A deep-water marina will accommodate superyachts from around the globe. Surrounding the marina on a private, guard-gated peninsula are 10 stand-alone Marina Estates. Wynn Al Marjan Island's construction is progressing on schedule, with topping-out of the 300-meter iconic spire in late 2025 and an early 2027 opening. About Wynn Resorts Wynn Resorts, Limited, is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas ( Wynn Macau ( Wynn Palace, Cotai ( Wynn Mayfair ( and operates Encore Boston Harbor ( The Company is constructing an Integrated Resort, Wynn Al Marjan Island, in Ras Al Khaimah, UAE, set to open in 2027. Wynn Las Vegas consists of two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites, and villas. The resort features 22 signature dining experiences, 10 bars, two award-winning spas, meeting and convention space, three shopping esplanades, as well as two showrooms, two nightclubs, and the Wynn Golf Club. Encore Boston Harbor features 671 hotel rooms and suites, an ultra-premium spa, 14 dining and lounge venues, a nightclub, and a state-of-the-art ballroom and meeting spaces. Situated on the waterfront along the Mystic River in Everett, Massachusetts, the resort has a six-acre public park and Harborwalk. Wynn Macau is in the Macau Special Administrative Region of the People's Republic of China with two five-star hotel towers offering a total of 1,010 spacious rooms, meeting and convention spaces, a shopping esplanade, two opulent spas, a salon, and two public entertainment experiences. Wynn Palace is a five-star resort in Macau featuring 1,706 exquisite rooms, suites, and villas, 14 food and beverage outlets, meeting and convention spaces, an extensive boutique shopping esplanade, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, and a spa and salon. Wynn Mayfair is a historic private members' club in the heart of London's celebrated Mayfair district. The club offers 20 table games in an elegant main casino and sumptuously appointed private salons, fine dining and cocktails in The Dining Room and The Bar, and a stunning open-air rooftop terrace with gaming and dining. Wynn Al Marjan Island will be the first integrated resort in the UAE. Set to open in 2027, the resort will be located 50 minutes from Dubai International Airport in the emirate of Ras Al Khaimah. The resort will offer 1,530 rooms and suites, 22 restaurants, lounges, and bars, a theater, a nightclub, and a beach club. It will feature multiple swimming and wading pools, water features, a five-star spa, a salon, a shopping promenade, and a celebrations and events center. Media Contact Michael Weaver, Chief Communications and Brand Officer, Wynn Resorts In Dubai, UAE The Romans, Wynn Al Marjan Island PR Partner WynnAlMarjanPR@ In India Adfactors PR, Wynn Al Marjan Island PR Partner wynnalmarjan@
Arabian Business
11-06-2025
- Business
- Arabian Business
From Nobu to Wynn: Inside the UAE's branded residences arms race worth billions
The UAE is experiencing a surge in branded residences with buyers willing to pay premiums of up to 69 per cent per square foot for properties associated with international brand names, accelerating the country's growth as a hub for luxury real estate. Dubai is projected to double its branded residence projects by 2029, potentially overtaking established markets like New York and Miami, while Abu Dhabi has witnessed a fourfold increase in branded residence launches in 2025 alone, according to new market data. Meanwhile, Ras Al Khaimah is emerging as a key growth market driven by tourism potential and landmark developments, including the much-anticipated Wynn Al Marjan integrated gaming resort. 'Abu Dhabi has firmly positioned itself as a premier destination for luxury and lifestyle-led investments,' said Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate. 'We have witnessed investors initially seeking to purchase a single property, ultimately expanding their portfolios due to a strong belief in the market's potential. We are also seeing an increase in the number of long-term residents who are opting to purchase properties in the market,' he added. The uptick is attributed to a fundamental shift in demand for luxury real estate, where high-net-worth individuals (HNWIs) are increasingly prioritising brand trust, service standards and experiential living over traditional property features. 'Branded residences aren't just for globe-trotting investors anymore – they're now the dream address for end-users who want to live like they're always on vacation,' said Kalpesh Kinariwala, founder of Pantheon Development, in an exclusive interview with Arabian Business. 'Dubai's buyers want lifestyle with a logo. RAK's buyers want first-mover bragging rights.' The global branded residences sector has recorded 410 per cent growth over the past decade, with the UAE leading the charge in the Middle East and North Africa region. This expansion is being driven by several factors including rising international buyer confidence, Dubai's emergence as a luxury lifestyle hub, and developers leveraging brand equity to command premium pricing. Premium pricing power drives investment appeal The financial benefits propelling the branded residences boom is seen to benefit both developers and investors. Properties holding well-recognised brand names consistently command rental premium of 25 to 40 per cent in prime locations such as Marina, Downtown and Palm Jumeirah, while also offering higher capital appreciation and faster resale. 'You're not just paying for property—you're buying into permanence, prestige, and predictability,' Kinariwala explained. 'In a world where brand trust equals value, that premium is not only justified—it's strategic.' The investment case has proven particularly robust, with branded properties offering what Kinariwala describes as 'more predictable, resilient, and future-proof returns' compared to traditional luxury developments. The investment case has proven to be particularly strong, with branded residences offering what Kinariwala describes as 'more predictable, resilient, and future-proof returns' compared to traditional luxury developments. Core return-on-investment (ROI) drivers includes premium pricing power through brand recognition, higher rental yields from lifestyle-focused tenants, faster resale processes with international buyers and stronger asset management protecting long-term value. Abu Dhabi emerges as major growth center with the emirate's luxury market reaching AED 6.3 billion in transactions during the first quarter of 2025. According to a recent report from Metropolitan Capital Real Estate (MCRE), at least 25 branded residences are expected to be announced in Abu Dhabi this year, amounting to a sharp increase from 2024. The secondary luxury market has also recorded a 158 per cent increase in transaction volume year-on-year. According to Ratskevich, property prices in branded projects now average AED 2,500 to AED 4,000 per square metre, based on location, which is significantly lower than comparable properties in Dubai and Ras Al Khaimah, making it attractive for international investors. High-profile branded properties including the Jacob & Co Beachfront Residences, , Elie Saab Waterfront, and Nobu Residences – which achieved a record-breaking penthouse sale of AED 137 million are contributing to the country's growth as a hub for luxury real estate. Demographic shift toward end-users The branded residences market is witnessing a fundamental demographic transformation, evolving from purely investment-driven trophy assets to lifestyle-first purchases by actual residents. 'What started as a trophy asset for global investors is now attracting high-end users who want to live a branded lifestyle, not just own it,' Kinariwala said, highlighting the shift towards primary and secondary home purchases by high-net-worth families from Europe, India, Russia, and GCC countries. In Dubai, particularly, the trend is strong, with buyers increasingly seeking branded residences as primary homes. Meanwhile, Ras Al Khaimah is particularly investment-led, driven by tourism growth and early access to upcoming landmark developments. Abu Dhabi has also seen a shift in investor demographics, with UK, US, UAE nationals and other GCC citizens replacing Russian and CIS investors as primary buyers. Nearly half of all buyers are now end-users rather than investors, new data reveals. Amenities evolution reflects lifestyle demands The amenities and features within branded residences stands out as a leading factor for increased demand, as developers move beyond traditional luxury offerings to create curate, experiential living environments that reflect modern lifestyle demands. Data reveals that the most in-demand amenities include hotel-style concierge and valet services, private wellness and spa facilities, co-working lounges and tech-enabled business hubs, resort-style pools and rooftop lounges, as well as, personalised services including housekeeping and in-residence dining. Geographic expansion beyond traditional hotspots While established areas including Palm Jumeirah, Downtown Dubai and Dubai Marina continue to attract branded developments, the growth is seen expanding to emerging areas such as Jumeirah Bay Island, Jumeirah Village Triangle (JVT) and Al Wasl. Ras Al Khaimah is also seen experiencing significant growth, capitalising on its tourism potential and offering a first-mover advantage for investors seeking exposure to emerging luxury destinations. In Abu Dhabi, key growth areas include Saadiyat Island, Al Reem Island, Mariah Island, Al Hudayriat and Yas Island, among which Saadiyat Island and Al Hudayriat are showing particularly strong momentum. Challenges and market maturation Despite the upward trajectory in the branded real estate sector, developers face significant challenges. Key hurdles include finding appropriate brand partnerships that resonate with local markets, balancing global design standards with local regulation and cultural considerations and managing premium construction and operational costs while maintaining justified pricing. 'In branded real estate, every detail must deliver. Because you're not just selling luxury—you're selling trust, story, and permanence,' Kinariwala explained. The challenge of differentiation has intensified as more developers enter the market, requiring focus on storytelling, identity, and delivering personalised lifestyle experiences rather than simply applying brand names to buildings. Future outlook: Beyond traditional luxury Real estate industry experts anticipate the next wave of branded residences will feature more brand diversification, moving beyond traditional luxury hotel names to include fashion houses, automotive icons, wellness pioneers, and technology brands. 'The next wave of branded residences in the UAE is going to be bolder, more personalised, and deeply experiential,' Kinariwala predicted, highlighting potential focus areas including integrated wellness suites, biophilic design, touchless technology and community ecosystems supporting physical and mental health. The evolution highlights changing buyer psychology, with high-net-worth individuals seeking properties that reflect personal identity and values rather than just affordability or investment potential. 'This isn't a fad—it's a formula that works,' Kinariwala concluded. 'With 410 per cent global growth and Dubai poised to lead the world, branded residences are redefining what 'luxury living' means in the UAE.' Industry experts suggest that the shift toward branded residences signals more than just a temporary market trend, positioning the UAE as a global leader in luxury lifestyle real estate while offering investors to a rapidly maturing asset class with demonstrated premium pricing power and superior return potential. 'Branded residences are reshaping the UAE's luxury real estate map, and we're seeing clear hotspots emerge as demand accelerates. This isn't random growth — it's data-driven, brand-backed expansion where lifestyle, investment appetite, and infrastructure align,' Kinariwala concluded.
Arabian Business
02-06-2025
- Business
- Arabian Business
EXCLUSIVE: Inside Wynn Resorts' Las Vegas-style UAE expansion
The much-anticipated Wynn Al Marjan resort is well on its way to becoming the UAE's first integrated gaming resort, extending the experience to the Middle East and beyond. With construction currently 60 per cent complete, the resort is scheduled to open its doors to the public in early 2027. Arabian Business was among the first publications granted access to insights into Wynn's operations in Las Vegas, to understand how this vast enterprise will be translated 8,000 miles away in the emirate of Ras Al Khaimah. Walking into the Wynn Las Vegas, the opulence and sheer scale is unmistakable – in fact, it is record-breaking, with the hotel being one of the biggest globally. The 50,000 sq. ft. property – encompassing both the Wynn and Encore resort, although different, seamlessly operates as one with a total of 4,500 rooms. The floral (Wynn) or butterfly (Encore) detailed floors hear the steps of thousands of people during the course of the day, from hotel guests to casino players to restaurant visitors and the general public – the grounds are always busy. With a resort of this scale housing thousands of rooms, several restaurants, bars, clubs, a golf course, casinos, swimming pools, luxury stores and more – operations needs to run with the precision of a well-oiled machine – undoubtedly, this takes a big and well-trained team across several departments. A similar operation is expected to translate to Ras Al Khaimah to run the first-of-its-kind concept in the Middle East, also mirroring a scale that is uncommon in the region. Wynn Al Marjan will house 1,500 rooms and the property will span over 60 hectares. From scents, lights and carpets down to the most minuscule elements – almost every corner of the hotel has been designed by Todd-Avery Lenahan, President & Chief Creative Officer of Wynn Design & Development – with every element picked to serve a purpose. The same attention to detail, intricacy (if not more) and process will be applied to Wynn Al Marjan, which Lenahan describes as 'something entirely distinctive for this region.' Wynn's staffing for success Part of the integrated leadership team will also be Max Topainer, former COO of Wynn Las Vegas, who is relocating to Ras Al Khaimah to take on the role of President for Wynn Al Marjan Island – a move symbolic of the global weight being thrown behind the project. And he's not coming alone. A wave of professionals from Wynn properties around the world are already preparing for the transition, with as many as 200 team members expected to move to Ras Al Khaimah within six months of the opening. The full team will be assembled on site, allowing ample time to instill Wynn's signature culture into operations – a value system deeply rooted in the brand. Training, cultural immersion and operational readiness are already high on the agenda. 'The nuts and bolts of how you're really going to run things, the decisions need to be made now and they need to make them when they can think about it and be thoughtful and really make the right calls. You don't want to do it six months before you open,' Michael Weaver, Chief Communications and Brand Officer, said during the tour. 'It's early, yes, but on the day it opens, it has to be perfect,' he explained. Wynn Al Marjan has already opened its hiring portal ahead of time. The hiring process is integral to maintaining the company culture standardised across Wynn properties across the world. Regional touch, global standards While Wynn Al Marjan has the same DNA as its Las Vegas sibling – right down to its high-count bedsheets, floral arrangements and 'Wynn at Home' amenities – it is being designed as an experience that speaks to the region's culture and guest expectations. From the gaming areas to the restaurants, shows and several other offerings across the hotel – the RAK integrated gaming resort will have similar experiences but elevated and catered to the region. 'This is our most culturally responsive room and suite design that we have ever done. We thought a great deal about personal modesty, religious principles and values and even the way people from the Middle East behave and conduct themselves in a hotel room differently than a Westerner or European would,' Lenahan said. Designing for the UAE's cultural context was non-negotiable. Certain suites will be designed in a way where a husband and wife can enjoy their stay without the woman ever being seen, even during room service delivery – a detail crafted to offer ultimate discretion. As seen in the first looks revealed by Wynn last month, the resort's King rooms are designed with distinctive entry vestibules which separate the sleeping quarters from the corridor – a contrast as compared to contemporary resort layouts. The interiors are heavily inspired by regional elements including the artistic and cultural heritage featuring arched forms, layered textures and reflective surfaces. Wynn Al Marjan will also debut a completely separate spa experience for men and women, with no interaction between the spaces, while still offering the same holistic wellness philosophy. The design ethos continues outdoors, with 12 pools including adult-only, family, and children's zones — but no gaming areas by the water, unlike in Las Vegas. Gaming: Separate and regulated While gaming has made headlines, Wynn is taking a nuanced approach. The gaming area will be physically separated from the rest of the resort. Visitors can access every other part of the property without ever seeing a gaming floor. Gaming regulations will be determined by local authorities. The General Commercial Gaming Regulatory Authority, established by Federal Decree Law and headquartered in Abu Dhabi, is currently shaping the oversight structure. Entertainment-wise, it was revealed that a custom-made show, currently under development will also premiere exclusively at Al Marjan. Details remain tightly under wraps for now. In true Wynn fashion, no detail is spared. In Las Vegas, the scale of operations is immense – up to 14,000 pieces of bread is baked daily, featuring over 200 varieties, while seasonal ingredients like Japanese sweet peas and fresh produce from France are featured year-round. The resort also houses 10,000 flowers refreshed every four weeks, and 800 orchids, all contributing to its immersive floral identity. Each resort features a signature scent, in similar fashion the Al Marjan signature scent will be created. While Wynn is globally known for motifs like flowers (Wynn) and butterflies (Encore), Al Marjan is set to have a dedicated motif reflecting culture and heritage that will be featured in various elements across the resort. The resort will feature several pieces of art, similar to its Las Vegas counterpart – carefully sourced by Lenahan and the team from around the world. During its opening, Wynn Al Marjan could potentially feature artwork loaned from other global Wynn locations. 'We have a major art story that we will be unveiling as we approach the opening, there will be such extraordinary riches artistically around this property – from incredible antiquity all the way to major contemporary works coming from all over the world that will find homes throughout this property,' Lenahan excitedly revealed. Several exciting developments are in the works, however, details are currently under wraps and will be revealed at a later date. One thing was made clear – what Wynn Al Marjan is set to offer in the region is unlike anything ever done before – the scale will be immense, the details will be intricate and the impact will be immediate.
Khaleej Times
27-05-2025
- Business
- Khaleej Times
Ras Al Khaimah GDP likely to expand at 3.3% this year
Ras Al Khaimah's economic growth will weaken modestly to average 3.3 per cent in 2025-2026, S&P Global Ratings said on Tuesday. The ratings agency affirmed the emirate's sovereign credit rating, announcing its foreign currency and local currency at A/Stable/A-1. Thereafter, S&P expects real GDP growth to accelerate to average 4.3 per cent in 2027-2028 on the back of a strong performance in tourism, real estate, manufacturing, and mining. Wholesale and retail trade and manufacturing — which make up 50 per cent of RAK's exports on average — together contribute around 45 per cent to RAK's real GDP. 'RAK's diversified non-oil economy and ongoing infrastructure projects will continue to support its medium-term growth trajectory beyond 2026,' S&P said. The agency expects real GDP growth to remain just above 4 per cent annually in 2027-2028 and GDP per capita to strengthen to about $32,800 by 2028. 'We expect upcoming tourism projects and the related infrastructure spending to help strengthen RAK's mining sector, as well as its economic free zones, airport, and real estate sector,' the ratings agency said. By far the largest of the tourism projects is the Wynn Al Marjan Island integrated resort, with the overall cost amounting to about 40 per cent of GDP. The resort is set to open in early 2027 and has been awarded the commercial gaming operator's licence — the first to be granted in the UAE. There are also plans to open about 20 new hotels in the next two-to-three years, resulting in a projected 75 per cent increase in hotel room capacity. To mitigate the risk of overcapacity, the authorities envisage targeting a wider market and increasing the variety of tourism offerings. S&P also expects positive momentum in RAK's real estate sector, driven by transactions relating to tourism, industry, and investment, especially on Marjan Island. The island has recorded significant growth in primary residential sale prices in the past two years. RAK's mining sector, which contributes about 25 per cent of the emirate's exports, continues to benefit from infrastructure projects within the UAE and GCC. One of the world's largest limestone quarrying companies, Stevin Rock, which is 100 per cent owned by the RAK government, supplies rock to large construction and reclamation projects within and outside the UAE, including local projects in RAK and property development projects in Abu Dhabi and Dubai. S&P believes that the government's strong net asset position partly mitigates the risk of contingent liabilities. The RAK government's gross debt was a low 8 per cent of GDP in 2024 and this includes a $1 billion sukuk that the government refinanced in March 2025. Liquid assets of an average 28 per cent of GDP over 2025-2028 more than offset government debt. RAK's liquid assets are predominately in cash and RAKBANK stock. 'Although the government has increased its overall stake in RAKBANK and is a majority shareholder, we view this holding as opportunistic rather than strategic, and ultimately a timely source of funding for the government if it needs it. We forecast that the government's interest burden will remain less than a low 5 per cent of government revenue due to its small debt stock,' the agency said.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: MGM tower set to open in 2027, says CEO
The construction of the MGM tower in Dubai is in full swing and is set to open in 2027, said William Hornbuckle, CEO and President of MGM Resorts International. 'The building is due to be completed in the third quarter of 2027. We're literally up on the fifth floor of the MGM tower as we speak. It's an exciting project, a truly interesting resort with all kinds of features. Hopefully we'll get to add gaming,' Hornbuckle said during the first quarter earnings call. The US-based hotel and gaming operator said last month that it has 'a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to Dubai". In 2017, Dubai-based Wasl Hospitality and Leisure signed an agreement with MGM Hospitality to advise on the development of a premier destination resort in Dubai and to operate the resort when completed. The 26-acre prime beachfront development would feature an MGM Hotel, MGM Residences and a Bellagio Hotel, marking the debut of the MGM and Bellagio brand names in the Middle East region, the US company had said in a statement at the time of agreement. Last month, a high-level MGM team, including chairman Paul Salem, visited Dubai and met Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. William said the key mission to visit Dubai was to discuss opportunities that MGM could bring to the UAE, especially Dubai and to update the government about 'opportunities that we could bring to the UAE and Dubai specifically". Although MGM struck a non-gaming management agreement in Dubai, the UAE gaming market will reach $3-$5 billion (Dh11 to Dh18.35 billion) over the years. The multi-billion dollar Wynn Al Marjan — coming up in Ras Al Khaimah — is the first integrated gaming resort coming in the Middle East. It received a licence in October last year from the UAE regulator — General Commercial Gaming Regulatory Authority (GCGRA). Construction work on Wynn Al Marjan is underway at a fast pace with one floor per week. It is scheduled to open in early 2027.
