Ras Al Khaimah records 1.28 million visitors and plans to attract 3.5 million tourists by 2030
Sustainable initiatives and national training programs demonstrate the emirate's commitment to balancing tourism development, environmental preservation, and empowering local talent
January 16, 2025, 7:12 pm

Ras Al Khaimah records 1.28 million visitors and plans to attract 3.5 million tourists by 2030

Ras Al Khaimah witnessed a qualitative leap in its tourism sector during 2024, welcoming 1.28 million visitors, recording a 12% increase in tourism revenues, and a 15% increase in MICE (Meetings, Incentives, Conferences, and Exhibitions) sector participants.

Ras Al Khaimah Tourism Development Authority highlighted that this achievement represents an extension of its successful journey and embodies the effectiveness of its sustainable development plan, which aims to attract more than 3.5 million tourists and visitors annually by 2030.

Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority, stated: "2024 was an exceptional year for Ras Al Khaimah's tourism sector, highlighting our commitment to sustainability, enhancing connectivity, and delivering unique experiences that meet all visitors' aspirations. Our strategy is not limited to attracting more visitors but also aims to establish Ras Al Khaimah's leading position as a global destination for the future. We look forward to continuing our successes in 2025 thanks to our massive investments, international events, and innovative developments we are implementing."

Phillips explained that multiple elements contributed to this outstanding performance, including the launch of new hotels and resorts, expansion of the international events program, enhancement of global air connectivity through Ras Al Khaimah International Airport, launch of innovative marketing campaigns, and implementation of over 2,200 promotional activities in 70 cities worldwide.

Ras Al Khaimah crowned its successes by receiving the "Most Sustainable Project in the Middle East" classification during the Forbes Middle East Sustainability Leaders Summit 2024, along with obtaining the silver certification from "Earth Check" as the first destination in the region.

The emirate strengthened its presence in global markets by launching direct flights from major cities in Poland, Uzbekistan, Kazakhstan, Romania, Czech Republic, Russia, Saudi Arabia, and India, contributing to strengthening the connectivity network with Ras Al Khaimah International Airport.

The emirate's hospitality portfolio expanded with the opening of luxury hotel facilities, most notably Sofitel Al Hamra Beach Resort and Anantara Mina Al Arab Resort, which features the emirate's first overwater villas.

Eighteen Emirati youth graduated from the first "Emirati Hospitality Program," reflecting the emirate's commitment to empowering national talent and preparing them to lead the future of the tourism sector.

Ras Al Khaimah continues its development journey as an integrated tourist destination, achieving tenth place in the list of world's best cities for expatriates, first place in the "Stability Abroad" index, and second place in the "Working Abroad" index.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.