Ras Al Khaimah and USA to discuss the Investment Opportunities

Ras Al Khaimah, UAE:27th April, 2019;  H. E. Mohamed Al Nuaimi, Chairman of Chamber of Commerce and Industry commended the historical ties between the United Arab Emirates and the United States of America, being one of the top commercial partners and the third largest export market with 9% of exports to Ras Al Khaimah. The trade between the Emirate of Ras Al Khaimah and the United States in 2018 totalled 510 million dirhams, with 253 business activities. 48% of this figure was in trade and maintenance services, 19% manufacturing, 8% properties and rent, 5% the transport and warehousing, 4% hotels and restaurants, construction and social services 3% for education, 2% financial brokerage, 1% for health, agriculture, mining and natural resources. 

Additionally, in 2018, the Chamber of Commerce and Industry in Ras Al Khaimah issued 1180 establishment certificates for exports to USA, while the products imported from USA totalled 350 million dirhams. The statement by Chairman was made in a meeting which took place recently at the Chamber of Commerce and Industry in Ras Al Khaimah with the United States delegate headed by H. E. Philip Frayn, Consul General, USA Consulate in Dubai. The meeting was attended by senior officials from 50 government and private entities from United Arab Emirates and United States.   

The meeting discussed the opportunities of the economic and trade cooperation between Emirate of Ras Al Khaimah and the United States, as well as other common issues that contribute in reinforcing the trade and investments in the different economic sectors. 

Ras Al Khaimah oversees diversified and rapidly expanding economy, underpinned by the natural resources and the locally manufactured raw materials; as the emirate has been contributing for decades in the construction industry through providing construction materials to major projects in the Middle East and globally.

The government efforts focus on offering a suitable environment for business, with flexible rules and regulations and strategic development of digital capabilities, infrastructure facilities, easy access to airports, sea ports and other necessary services. 

Mohamed Al Nuaimi highlighted the potential investment opportunities across the financial and insurance activities, wholesale and retail trade, transport, real estate, manufacturing, communication, science and technologies, building and construction, education, arts, entertainment, health care, social work, support services, mobile phones, computers, auto industry, energy, tourism and tourism and hospitality. 

H.E Philip Frayn, Consul General, USA Consulate invited Ras Al Khaimah Chamber of Commerce and Industry and the Emirati Business owners to participate in “Select USA Investment Summit”, which is scheduled to take place from 10 to 12 June, 2019, in Washington, D C., is the largest government conference dedicated for reinforcement of the foreign direct investment in the United States. The conference aims to bring together the companies from all over the world, the economic development organisations and senior government officials to discuss the investment environment, industry trends and new opportunities, and to facilitate business investment in the United States. The previous year summit witnessed participation of over 3000 participants from 66 international markets and 50 states and territories from USA, in addition to participation of over 100 representatives from the U.S Economic Development Organisations.