The Finance World Magazine| Edition: March 2023

As the trend towards sustainable
tourism gains momentum, tourist
destinations and boards are
making efforts to promote it. The
ones that are able to set and achieve the
most ambitious and practical sustainability
goals will have a significant impact on the
way we travel in the coming ten years.
Based on a survey included in Expedia
Group Media Solutions’ Sustainable
Travel Study of 2022, fifty percent of
customers are interested in obtaining
more information about vacation spots
that prioritize sustainability.
Ras Al Khaimah Tourism Development
Authority and its partners developed
policy commitments first, followed by
benchmarks against which success would
be judged. Second, two certification
programmes, one for the destination
and one for enterprises, will seek to
generate sustainable certification for at
least 30 tourist firms. Raki Phillips, CEO
of Ras Al Khaimah Tourism Development
Authority commented: “We’re seeing
a growing number of visitors booking
longer stays in the Emirate to completely
switch off and enjoy as much of the unique
experiences the Emirate has to offer.
We want to tap into this trend and have
therefore updated our holiday homes
rental system to make it even easier for
homeowners and operators to register,
organise permits for and convert their
units. This is in line with our vision for
a diversified tourism and hospitality
sector, adding even more accommodation
options to our portfolio, and enhancing
liveability to benefit our communities and
visitors who want to experience the high
Ras Al Khaimah is
at the forefront
of implementing
a novel method
of promoting
sustainable
tourism, as the
world moves
towards more
sustainable forms
of tourism.
quality of life here and discover more of
our stunning Emirate.”
To address modern hot-button concerns
such as over tourism, the Balanced
Tourism method stresses conserving a
country’s culture while also establishing
sustainable communities. According to
Raki Phillips, “most people only talk
about the environment but forget about
other factors like the local economy,
population, and culture. We wanted to
make sure we were considering everything
from the ecosystem and heritage to
businesses, too.”
Inspired by Slovenia, Costa Rica, and
Rwanda, the Emirate of Ras Al Khaimah
will not only create its tourist industry
with sustainability as a cornerstone,
but will also help construct blueprints
for other nations seeking sustainable
tourism growth without sacrificing
tourism objectives. The tourist industry is
important in Ras Al Khaimah’s economy,
contributing for around 5% of GDP and
10,000 employments. However, with
prosperity comes additional problems,
such as over tourism, population increase,
and environmental harm. To address
this issue, the Tourism Authority has
established requirements for ecologically
friendly hotels that include characteristics
such as sustainability in landscaping
and the implementation of food waste
reduction laws.
According to Phillips, this is a project
to achieve 100% integrated sustainability
in all hotels, hence the programme exists
to promote the adoption of sustainable
practices and the use of products and
services with low environmental effect.
For example, the Wynn Resort, which
is set to debut in 2026, is taking a bold
approach to sustainability and energy
efficiency, aiming for 50% renewable
energy by 2030. It has already developed
waste management systems that keep 26
to 100% of garbage out of landfills, cut
water use, and invested in new wasteto-energy
projects.
As Phillips points out, sustainability is
also a question of perspective, whether
you’re a developer, an existing hotel, a
guest, or the entire planet. The emirate
is open for tourism and loves receiving
March 2023 www.thefinanceworld.com 115