RAK Government Acquires Banyan Tree Al Wadi The government of Ras Al Khaimah has taken over Banyan Tree Al Wadi from Rakeen Development.
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n terms of the agreement, announced by the Ras Al Khaimah Hotels and Tourism development Authority, the developer has handed over the ownership of the desert resort to the government of Ras Al Khamah, which has already set up a project management team to implement the process. The official signing ceremony took place on may 30 at Banyan Tree Al Wadi and was attended by H.H. Sheikh mohammed bin Saud bin Saqr Al Qasimi, crown prince, Ras Al Khaimah; Ho KwonPing, executive chairman and founder, Banyan Tree Holdings limited; Jim Stewart, cEo, investment and development office, government of Ras Al Khaimah; Victor louis, chief operating officer, hotels and tourism investment and development, government of Ras Al Khaimah and Pascal Eppink, general manager, Banyan Tree Al Wadi. The crown prince commented on the acquisition. “With this wonderful partnership and our regional expertise, we believe that Banyan Tree Al Wadi will outgrow its potential, achieve
new heights and grow to become the beacon of top-class quality service in this region. We aim to create an impact as a strategic player and increase our portfolio with a goal to attract world-class hotel corporations and investors to the emirate of Ras Al Khaimah. That is our robust
economic growth and strong tourism expansion plan in the next few years.” Banyan Tree Al Wadi, the latest addition to Ras Al Khaimah’s deluxe properties, officially launched in April 2010, represents the uAE’s first exclusive luxury desert resort.
Ho KwonPink and H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi JuNE 4, 2011
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