The US$4 billion Wynn Resorts development on Al Marjan Island in the United Arab Emirates will boost the long-term growth prospects and fiscal revenue of Ras Al Khaimah, according to ratings agency Fitch.
In a research note issued earlier this week. Fitch analysts pointed to the investments of two state-owned enterprises (SOEs) – RAK Hospitality Holding LLC and Al Marjan Island LLC – into the integrated resort development, adding that it expected these two entities to together hold the majority of shares in the joint-venture with Wynn.
This investment, Fitch said, will “weigh on public finances initially, but … potentially boost growth prospects and fiscal revenue in the long term.”
