Ras Al Khaimah [UAE], August 14 (ANI/WAM): Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, emphasised that strengthening strategic industrial relations and partnerships is a key pillar in the emirate's plans to diversify its economy, solidify its position as a prime business destination, and contribute to the UAE's economic prosperity and sustainable development.
He said, "In Ras Al Khaimah, we are committed to achieving growth and advancing development across various vital sectors, in alignment with national visions and strategies 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."
Sheikh Saud bin Saqr praised the robust economic relations and comprehensive strategic partnership between the UAE and the People's Republic of China, highlighting their continuous development, growth, and strengthening year after year.
He emphasised the longstanding economic and trade relations between Ras Al Khaimah and the People's Republic of China, noting that the emirate now hosts over 200 Chinese companies registered with the Ras Al Khaimah Economic Zones Authority (RAKEZ). Additionally, three Chinese projects are currently under development on Al Marjan Island, with investments estimated at AED 4.5 billion.
This came during the Ruler of Ras Al Khaimah's reception, at his palace in Saqr bin Mohammed City, today, of Yang Yuelu, Chairman of Shandong Timber & Wood Association, a global leader in the wood industry and export in China's Shandong Province, which serves as a service platform for more than 1,700 wood manufacturers and exporters in the province, and produces about 10 percent of the world's furniture wood.
Sheikh Saud witnessed the signing of an agreement between Ras Al Khaimah Economic Zones Authority (RAKEZ) and Shandong Timber & Wood Association to establish "Zhong A Shandong Industrial Park" in the emirate, with an investment of US$360 million.
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.
The industrial complex, which will be built in the Al Ghail Industrial Area in Ras Al Khaimah, is expected to attract more than 60 Chinese companies working in the food industry, wood and other sectors, and is expected to provide more than 3,500 job opportunities in the next five years.
The meeting was attended by a number of officials from Ras Al Khaimah and the Chinese side. (ANI/WAM)
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