Ras Al Khaimah Targets Economic Diversification Through Strategic Partnerships
H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, highlighted the importance of enhancing strategic industrial relations and partnerships. This is crucial for diversifying the emirate's economy, establishing it as a prime business hub, and contributing to the UAE's economic prosperity and sustainable development.
During a reception at his palace in Saqr bin Mohammed City, Sheikh Saud met with Yang Yuelu, Chairman of Shandong Timber & Wood Association. The association is a global leader in the wood industry and export in China’s Shandong Province, serving over 1,700 wood manufacturers and exporters. It produces about 10 percent of the world’s furniture wood.
Sheikh Saud praised the strong economic relations between the UAE and the People's Republic of China. He noted that these relations have continuously developed and strengthened over the years. Ras Al Khaimah now hosts over 200 Chinese companies registered with the Ras Al Khaimah Economic Zones Authority (RAKEZ).
The meeting also witnessed the signing of an agreement between RAKEZ and Shandong Timber & Wood Association to establish "Zhong A Shandong Industrial Park" in Ras Al Khaimah. The investment for this project is estimated at US$360 million.
The new industrial complex will be built in the Al Ghail Industrial Area in Ras Al Khaimah. It is expected to attract more than 60 Chinese companies working in various sectors such as food industry and wood. This project is anticipated to create over 3,500 job opportunities within the next five years.
Sheikh Saud emphasised that Ras Al Khaimah is committed to achieving growth across various vital sectors. This commitment aligns with national visions aimed at elevating the UAE’s status among the world’s most advanced nations and strengthening its global competitiveness as a hub for industrial innovation.
Strategic Partnership
The strategic agreement was signed by Rami Jallad, CEO of RAKEZ, and Yang Yuelu, Chairman of Shandong Timber & Wood Association and Chairman of "Zhong A Shandong Industrial Park" in Ras Al Khaimah. This partnership aims to foster economic growth and development within the emirate.
Additionally, three Chinese projects are currently under development on Al Marjan Island with investments estimated at AED 4.5 billion. These projects further solidify Ras Al Khaimah's position as a key destination for international investments.
The meeting was attended by several officials from both Ras Al Khaimah and China, underscoring the significance of this partnership in promoting mutual economic interests.
This initiative reflects Ras Al Khaimah's ongoing efforts to diversify its economy through strategic partnerships and investments, contributing significantly to its sustainable development goals.
With inputs from WAM
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