From the top of the RAK International Corporate Centre, foreign tycoons can catch a glimpse of a city transforming.
A long stretch of desert lies toward the north. Luxury villas dot the Persian Gulf coast to the west. A few miles away, Las Vegas-based Wynn Resorts Ltd. is planning a project that it says is intended to be a $3.9 billion gaming resort.
This is Ras Al Khaimah, a northern territory of the United Arab Emirates about 45 minutes from Dubai’s international airport. Best known for its mountain peaks and ceramics company, the emirate is now pitching itself as a haven for high net worth individuals.
Under the leadership of its Michigan-educated sheikh, Ras Al Khaimah — RAK for short — is pursuing an ambitious foreign direct investment strategy that’s luring five-star hotels, industrialists and adventure-seeking tourists from countries ranging from Russia to the Czech Republic. While a Wynn Resort could give a particularly big boost, other efforts are also attracting wealthy executives.
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