Are you ready for a remarkable journey?The mere claim by the CEO that the new Ras Al Khaimah resort will be an indisputable ‘must-see’ acknowledgment initiates curiosity. Yet, meeting the rising anticipations affecting the Tower’s destiny as an impressiveness of tourism is the test the resort will go through.

Cutthroat competition is a must if you are to turn your dreams into reality and have your resort winning as many customers as the others that operate world-class destinations.

1,500 Rooms, Villas, And Suites

During an earnings conference call, Billings wholeheartedly stated that with the planned Wynn Al Marjan property set to open in early 2027, this is a project destined to be part of the firm’s successful undertaking list. This region represented an obtuse real estate potential to him.

In his vision of new Ras Al Khaimah resort, he perceived the future opportunities for diversification of the portfolio and extending the brand presence into the most spectacular new exploration territories that the splendid development of Wynn Al Marjan offered. In addition, the excitement prevented him from feeling sadness of the completion of the task.

This might come when he finally sees the giant resort such as that one day he will see hundreds of customers from different parts of the world through from different categories of the tourists and even from neighbouring Emirates.

On Thursday, the fourth sector of Wynn Resorts showcased excellent financial performance for the quarter of the year ending in 2023. The company reached impressive results of $1.84 billion in total revenues.

This represented a significant jump in amounts up to $835.5 million and the operating revenues of 2022 year-over-year of $1 billion.

This year, the company managed to accumulate its net income to the amount of $729.2 million which is four times bigger than the net income for the same time last year – $32.4 million.

In response to a query, the company has stated that they have a number of different prospective growth directions, a sign of many growth strategies and avenues at their disposal to bring further improvements in their organization new Ras Al Khaimah resort.

Here in Las Vegas, only to the next street, we have a significant amount of the land, such as the golf course, in our possession.

We can do quite a lot if we utilize this land. This market segment offers quite a broad field for creating novelties. Furthermore, last year we successfully started a pilot run in the UAE which is now going on and is a valuable niche market for us.

From lavish accommodations to exquisite dining options, every aspect of the resort is designed to cater to the discerning traveler. With a focus on sustainability and eco-conscious practices, the New Ras Al Khaimah Resort is set to be a beacon of responsible tourism in the UAE.

Also Read: Newly Opened Attractions In Dubai

United Arab Bank Reports A 65% Increase In Net Income For 2023

Although the banking sector has shown top performance manifested by a continuous double-digit expansion of assets. The exceptional growth of financial performance is linked to the substantial achievements across key business areas, resulting in an 15% hike in operating income hence making a noteworthy 15% increase with new Ras Al Khaimah resort.

On 29th of February, UAB spoke about the substantial increase in the company’s net profit by 65 percent from Dh155 millions to Dh255 millions during the financial year of 2023.

The bank reported the increased net profit due to effective operating performance, lower credit losses, and appropriate control of running costs. UAB has declared by its statement how the aforementioned factors have contributed positively to its financial performance.

Overall financial results of UAB have experienced impressive improvement in the most major fiscal operations, with the total operating income reaching a 15% increase in the fiscal year 2023 as opposed to 2022.

The positive dynamics which have already been started will continue as we book profits from new portfolio underwritings but still on the quality assets.

The total assets of the bank demonstrated encouraging 23% year-on-year positive growth and reached Dh17.6 billion. The impressive increase stems from the bank’s right balance between the high loan growth and recent gains in investment portfolio (lit. investments portfolio grew by 23% year-on-year and 31% y-on-y respectively).

UAB still has enough capital to fight for the market, this strength was exemplified earlier in 2023 through the issuance of Additional Tier 1 capital measured to around $150 million in Q1. 

The bank is in a good place as it maintains a high level of capitalization of 19 percentage points and a CET1 capital ratio of 13.5 percentage points that significantly exceeds the regulatory requirements and probable credit growth.

Remarkably enough, the bad debts ratio has improved as well, decreasing from the level of 8.2 percent in the 2021/2022 financial year to 5 percent in the next vote.

The bank persistently aims at achieving the doubling of revenue by using its already well-established businesses and branches in wholesale banking, retail banking and treasury and capital markets. Moreover, the company is looking at implementing a more agile operating model; it means that it will offer digital solutions and capabilities to make sure that customers choose them to be the top partners among major clientele.

Highlighting the liquidity resources strength, the active funds treasury management policy backed by an advances-to-stable-resources ratio of 76 percent and a reliable funding of liquid assets ratio of 20 percent. Both exceed the regulatory thresholds.

Chairman of the Board of Directors, UAB, Sheikh Faisal bin Sultan bin Salem Al Qassimi, expressed satisfaction with the financial results, stating: Chairman of the Board of Directors, UAB, Sheikh Faisal bin Sultan bin Salem Al Qassimi, expressed satisfaction with the financial results, stating:

It is my distinct personal pleasure to share with you all another year of real success, demonstrating that we are not going to give up easily and we will think smart in our execution of our newly designed game plan.We will keep on capitalizing on the solid base that we have laid down now, looking into further positive opportunities in a responsible and sustainable manner.

We do this by enabling the nation’s growth endeavors and ensuring that the shareholders are compensated adequately for the long-term funds they entrust us with.

I would like to extend a heartfelt thank you from the Board and management for their trust in UAB being one of the first, among a list of leaders they have chosen to work with intended to build the future of the UAE together.

We heard Shirish Bhide, the CEO of UABs, dwell on the fact that the growth experienced by the bank in 2023 had come with tremendous returns such as an increased profit margin and revenue. “Our vision of the client-orientated approach and measured policies significantly led to the increase of profits by 15% and resulted in 65% growth in profits.

The impressive double-digit growth in the asset portfolio is reflecting both business momentum and demand in 2023, and we look forward to this upbeat trend continuing in 2024.”

Bhide also continued to review the work done to ensure the asset quality as he declared, “UAB has made considerable progress recovering loan arrears by reducing the NPL ratio by half where it currently stands at 5 percent compared to 11.6 percent in 2021.”

Assumptions were made for balance sheet improvement with the allocation of up to $150 million as additional Tier 1 capital and stabilization through the East African Commercial Bank for two years duration to get and meet the market competitive rates of $735 million.

Bhide saw the significant impact of several key initiatives of the bank such as introduction of new clients, individual business segment targeted products, launch of green finance products during this COP28 meeting as well as CASA’s increase and improved relationship with the bank’s clients.

With a commitment of offering exceptional customer satisfaction improvement, the UAB initiated another Customer contact Center operation that is 24×7 on-call. 

Conclusion

The desire for making destinations in this respect a must-see for tourists going along with the new Ras Al Khaimah resort poses two fold challenges in terms of both keeping this destination iconic and compensating for the market dynamics.

Success depends on the processes of delivering an experience that not only fulfills but surpasses any expectations. Through that, the attraction takes the pole position as the world’s best destination.