The Week in RAK: 12 to 18 October 2026
Image: Sunreef Yachts
The news from Ras Al Khaimah, 1 hour from Dubai, that matters if you are thinking of buying or living here.
The lead story
Lionel Messi's new yacht is being built in Ras Al Khaimah
Sunreef Yachts said Lionel Messi has ordered an Ultima 88, an 88-foot power catamaran, which is being built at its shipyard in Ras Al Khaimah.
It has four guest cabins, a full-width master suite, a garage for jet skis and two 1,000-horsepower engines. It will join Messi's fleet based in the Balearic Islands.
Sunreef, founded in 2002, builds yachts in Poland and the UAE. The price and the delivery date were not given.
Number of the week
The growth the IMF expects for the UAE economy in 2027, if shipping through the Strait of Hormuz returns to normal. The figure is the IMF's.
Economy and business
The IMF expects the UAE economy to shrink this year and grow in 2027
The International Monetary Fund now expects the UAE economy to shrink by 3.9% in 2026, 7 points lower than its April forecast, and to grow by 7.7% in 2027, if the Strait of Hormuz starts to reopen from March 2027. Two days later, the UAE Central Bank Governor, Khaled Mohammed Balama, said he expects growth of about 10% in 2027.
A larger federal budget for 2027 to 2029
The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid, approved a federal budget of AED 292.5 billion for 2027 to 2029. That is 28.3% more than the last three-year budget. Spending in 2027 is set at AED 90.1 billion, of which AED 34.6 billion goes to social development and pensions.
The Ruler of RAK starts a week-long visit to China
HH Sheikh Saud bin Saqr Al Qasimi arrived in Shenzhen on 17 October for a working visit to Guangdong and Fujian provinces, which runs until 23 October. The programme includes a Ras Al Khaimah and China business summit in Shenzhen and the opening of a RAK representative office in Guangzhou.
RAK's US trade mission ends with three letters signed
A Ras Al Khaimah government delegation finished a mission to Florida, Michigan, Nevada and Utah. RAK Chamber of Commerce signed letters of intent with the Greater Miami Chamber of Commerce, Ann Arbor SPARK and World Trade Center Utah. In Nevada, the delegation met Wynn Resorts ahead of the opening of Wynn Al Marjan Island, due in September 2027.
The Ruler of RAK meets India's foreign minister
HH Sheikh Saud bin Saqr Al Qasimi met India's External Affairs Minister, Dr S. Jaishankar, at his palace in Saqr bin Mohammed City on 16 October. They discussed trade and economic ties between India and the UAE and the situation in the Gulf.
A new FNC member for Ras Al Khaimah
Abdulsalam Abdullah Al Shehhi joins the Federal National Council as an elected member for Ras Al Khaimah, replacing the late Saeed Rashid Al Abidi. The seat went to the runner-up with the most votes on the emirate's reserve list.
Property and building
One buyer pays AED 73 million for four homes at Mondrian
ELEVATE, the developer, says a buyer from North America paid AED 73 million in September for four homes at its Mondrian Residences on Al Marjan Island. They are two penthouses, a townhouse and a three-bedroom home. ELEVATE says the project is 75% sold, with shoring finished and piling 80% done.
Living and visiting
A motor and bike festival at the exhibition centre
Mohamed Mosbeh Al Nuaimi, Chairman of RAK Chamber of Commerce, opened the third motor and bike festival at the Ras Al Khaimah Exhibition Centre on 17 October. It ran until 18 October, with exhibitors from the UAE, the Gulf and Jordan.
Rain and hail in the mountains
The National Centre of Meteorology reported heavy rain and hail in parts of RAK's mountains, including Shawka, on 13 October. Shawka had the highest rainfall in the UAE that day, 4.4 mm.
Our view
Giles Dean
Lionel Messi could have his yacht built anywhere. That it is being built here, at a shipyard able to deliver the finish he would expect, is a sign of how far RAK has developed. Luxury of that standard needs skilled people, suppliers and industry, and RAK already has them.
The economy points the same way for next year. The IMF expects the UAE economy to grow by 7.7% in 2027 after a fall this year, and the Central Bank expects about 10%.
Closer to home, one buyer paid AED 73 million for four homes at Mondrian on Al Marjan Island, a sign that HNWs are still buying here and believe in RAK's real estate market.
Our view, not advice. Past rises may not repeat.
If you are weighing a specific RAK development and want to know how it fits this picture, ask us.
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Sources
Lionel Messi's new yacht is being built in Ras Al Khaimah: Sunreef Yachts, 13 October 2026 →
The IMF expects the UAE economy to shrink this year and grow in 2027: IMF, 13 October 2026 →; UAE Central Bank, via WAM, 15 October 2026 →
A larger federal budget for 2027 to 2029: UAE Cabinet, via WAM, 12 October 2026 →
The Ruler of RAK starts a week-long visit to China: WAM, 17 October 2026 →
RAK's US trade mission ends with three letters signed: RAK Government Media Office, 13 October 2026 →
The Ruler of RAK meets India's foreign minister: WAM, 16 October 2026 →
A new FNC member for Ras Al Khaimah: National Election Committee, 16 October 2026 →
One buyer pays AED 73 million for four homes at Mondrian: ELEVATE, 14 October 2026 →
A motor and bike festival at the exhibition centre: RAK Chamber of Commerce, via Gulf News, 17 October 2026 →
Rain and hail in the mountains: National Centre of Meteorology, 13 October 2026 →
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