Ras Al Khaimah government acquires Banyan Tree Al Wadi

Ras Al Khaimah government acquires Banyan Tree Al Wadi

Banyan Tree’s Al Wadi resort has been taken over by the Ras Al Khaimah Hotels and Tourism Development Authority. The government owned company has purchased the hotel in part of its 10 year plan to spend hundreds of pounds on tourism product and attempt to quadruple its visitor count. “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,” said H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah (RAK). Tourism is currently worth 1.5% of RAK’s GDP and it aims to increase this to 20% by 2021, marketing itself as a cheaper option to neighbouring Dubai.

Gary Marshall
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Gary Marshall
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