The Ras Al Khaimah Tourists Development Authority (RAK TDA) launched a comprehensive, high-impact investment initiative on Sunday that would promote Emirate being one of the most desirable destinations for tourism and affordable luxury investments.

The new SelectRAK project, endorsed by the Ras Al Khaimah administration, is launched in collaboration with Arton Capital, a government consultancy firm aimed at developing public-private partnerships that stimulate economies all through the world.

SelectRAK would focus on delivering a variety of incentives to investors, such as long-term residence according to government-specified requirements. The program will help grow all main economic sectors, like healthcare, hotel, education, commerce, and retail, by increasing the attractiveness of Ras Al Khaimah for investment, creating new employment, and boosting local companies.

The initiative will therefore aid investors in establishing and managing international enterprises from Ras Al Khaimah, and locating a house in the Emirate of their choice. All investors who fulfill the government's requirements and some other regulations would be granted long-term resident visas.

According to Raki Phillips, CEO of RAK TDA, the new initiative will have a proven beneficial impact on the Emirate by attracting global companies, investments, and talent.

He remarked, "This strategic platform would operate as a one-stop-hub for promoting the Emirate, showcasing its tourist destinations to a worldwide audience by emphasizing business and investment opportunities, and highlighting a persuasive lifestyle as a haven from the hustle-bustle of large cities."

Our objective of promoting Ras Al Khaimah as a fantastic tourism destination and assisting in the revitalization of all economic sectors is consistent with leadership's long-term ambition of establishing the Emirate as one of the favorite places to live and work.”

SelectRAK would promote Ras Al Khaimah as an “authentic getaway to affordable luxury” and emphasize its unique characteristics, like the numerous tourism attractions covering the mountain, sea, and land; the guaranteed high quality of life; business possibilities; and rich cultural legacy.

“Ras Al Khaimah has enormous potential, and we are looking forward to adding almost two centuries of cumulative team expertise to this exciting venture.” “On a worldwide scale, SelectRAK will demonstrate the rewards of investing in the Emirate,” said Armand Arton, Founder, and President of Arton Capital.

Ras Al Khaimah is one of the region's fastest-growing tourist, investment, and lifestyle attractions, attracting investors from all over the world. Ras Al Khaimah, which has one of the largest economic zones with even more than 13,000 enterprises, gives 100% ownership of businesses and no income tax.

Select RAK is Ras Al Khaimah's latest strategic initiative, after the Authority's latest revelation of over 20 sustainable tourist development initiatives totaling half a billion dirhams given in investment.

Meanwhile, last year, the Ras Al Khaimah Tourism Development Authority, RAKTDA, announced supportive initiatives that went into effect in mid-April to assist the tourism sector in the aftermath of the COVID-19 pandemic. It comprises a six-month exemption of all touristic licences, a concession of tourism dirhams from March to May, a full exemption of tourism licensing costs for Q2 and Q3, and a suspension of tourism licensing penalties until September 30th, 2021.

According to the tourism administration, this action exemplifies the emirate's "ONE RAK" dedication to openness, the convenience of doing business, and worldwide community spirit. It has provided a thorough contingency plan to all business partners and stakeholders, including short- to medium-term options to reduce the detrimental impact of coronavirus on tourism to Ras Al Khaimah.

CEO Raki Phillips told partners and stakeholders in a virtual conference that the coronavirus posed a danger to the hotel industry. The UNWTO believes that foreign visitor spending losses of a total $30-50 billion globally, while the World Travel and Tourism Council estimates that almost 50 million jobs were at risk.

Because of RAKTDA's fast and forceful reaction, an internal Stimulus Committee and a Steering Stimulus Committee representing the emirate have already been formed. Raki Phillips and senior executives from the hospitality, leisure, and development industries are leading the charge.

This assistance will be supplemented by a dedicated Financial Incentive Package for non-government operated touristic entities, such as budget, midscale, and four-star hotels, and attractions, golf courses, and other tourism establishments, according to the tourism authority, who already stated that hospitality partners would benefit from complementary participation in a diverse array of exhibitions and roadshows are scheduled to take place throughout the emirate and around the world in 2020 and 2021.