Wynn’s UAE IR to boost economic growth in Ras Al Khaimah, analysts say
Fitch Ratings predicts economic growth of 6.2 per cent in 2024.
United Arab Emirates.- Fitch Ratings has upgraded Ras Al Khaimah’s (RAK) long-term foreign-currency issuer default rating (IDR) to ‘A+’ from ‘A’. It forecasts economic growth of 6.2 per cent and 5 per cent in 2024 and 2025 respectively, supported by investment interests in the master plans announced for Ras Al Khaimah’s RAK Central and Beach District, which will feature a casino resort involving Wynn Resorts.
Wynn Al Marjan Island is expected to be the first IR in the Middle East and North Africa (MENA) region. It will be Wynn’s first beachfront resort. Wynn Resorts is developing the project in partnership with Marjan and RAK Hospitality Holding.
The Wynn Al Marjan Island will feature 1,542 rooms and suites, including 22 private villas in a new marina adjacent to the resort. There will be multiple swimming and wading pools, water features and private cabanas. Wynn Resorts’s chief executive Craig Billings estimated that the group will invest around US$900m in construction. The resort is expected to open in early 2027.
