Ras Al Khaimah Ruler Pledges Economic Growth Through Strategic Industrial Partnerships

UAE, 15 August, 2024 : H.H. Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, reaffirmed the emirate's dedication to expanding key sectors and enhancing industrial relations. He highlighted that these efforts align with the UAE’s vision to bolster its global competitiveness as a hub for innovation and sustainable development.

Sheikh Saud praised the strong economic ties between the UAE and China, emphasizing Ras Al Khaimah’s longstanding trade relationship with the country. The emirate currently hosts over 200 Chinese companies registered with Ras Al Khaimah Economic Zones Authority (RAKEZ) and is home to three major Chinese projects worth AED 4.5 billion on Al Marjan Island.

This statement was made during a meeting with Yang Yuelu, Chairman of Shandong Timber & Wood Association, at Sheikh Saud's palace. The visit culminated in an agreement between RAKEZ and the association to establish "Zhong A Shandong Industrial Park" in Ras Al Khaimah, with an investment of $360 million.

The new industrial complex, set to be developed in Al Ghail Industrial Area, is projected to attract over 60 Chinese companies and generate more than 3,500 jobs in the next five years.

The signing ceremony was attended by several officials from Ras Al Khaimah and China.

Source : www.zawya.com