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An ambitious new gaming facility in the United Arab Emirates (UAE) has been tipped to provide massive economic benefits to the country.
Set to open its doors in 2027, Ras Al Khaimah’s $3.9 billion Wynn gaming resortis expected to spark a massive surge in tourism in the UAE.
ALEC Engineering and Contracting (ALEC)are leading the construction project which includes over 1,500 hotel rooms, retail, dining, entertainment and gaming facilities.
In a recent interview with Arabian Business, ALEC’s Chief Executive Officer Barry Lewis said the new resort will be the catalyst for major economic growth in the UAE.
“It’s going to be fantastic for Ras Al Khaimah because it becomes a focal point that is going to stimulate an enormous amount of work,” Lewis said.
“With that facility comes staffing requirements and then there’s a whole lot of other resorts that will be developed to grow on the back of it, so we already see them pushing the market in Ras Al Khaimah.It’s a fantastic initiative for the emirate and will drive massive growth.”
The new development undoubtedly gives the UAE a significant advantage over other Middle East nations who are yet to fully establish a framework for gaming to operate within their borders.
The recent creation of the General Commercial Gaming Regulatory Authority (GCGRA) was a key step along the road to the UAE establishing a formal structure to allow gaming operators to offer their services its citizens.
The GCGRA is led by two individuals – Jim Murren and Kevin Mullally – who boast a wealth of collective experience garnered within the United States gaming industry.
They will utilise their expertise to create a regulatory framework for gaming, which will allow online and land-based operators to function legally within the jurisdiction.
The move puts the UAE ahead of several other Middle East nations in the race to become a global gaming powerhouse. They include Kuwait, which remains in state of flux with regards to its stance on the legalisation of gaming.
Many respected analysts believe the creation of a formal regulatory framework for gaming is crucial to Kuwait’s plans to become a global industry and commerce hub by 2035. However, the plans remain in the blueprint stage, much to the chagrin of gaming businesses who are eager to invest in Kuwait.
The country has moved towards fully opening its doors to the gaming sector by allowing some operators to welcome Arab players onto their websites. YYY Casino Kuwait is a great example of this in action, with the site building up a sizeable database since the gaming rules in the country were relaxed a little.
However, while the Kuwait government is yet to fully rubber-stamp elements of its ‘Vision 2035’ project, the UAE and several other Middle East nations are pushing ahead with their schemes.
The UAE’s commitment to developing its economy is perfectly highlighted by its enticing tax laws,which offer selected businesses a 100 percent exemption.
Foreign investment laws have also been relaxed, allowing business owners to establish new enterprises without teaming up with local investors. By contrast, Kuwait’s complicated political system continues to make it difficult for overseas investment ideas to flourish.
With the UAE now just over three years away from the launch of its first gaming resort, the country looks well placed to deliver on its exciting ‘Abu Dhabi Economic Vision 2030’ project.
