Ras Al Khaimah Ruler hosts MoU signing between RAKEZ and China's Foshan Commerce Bureau

Ras Al Khaimah, 18 November 2024: His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, welcomed a distinguished delegation from Foshan Commerce Bureau, People's Republic of China, and representatives from Ras Al Khaimah Economic Zone (RAKEZ), to commemorate the signing of a Memorandum of Understanding (MoU) between the two entities. The MoU was signed by RAKEZ Chief Government Officer Yaser Al Ahmed and Deputy Director of Foshan Commerce Bureau Li Kai.

This significant agreement sets the stage for enhanced cooperation in sectors such as building materials, furniture, steel, and new energy vehicle industries, among others. As part of the agreement, RAKEZ and Foshan Commerce Bureau will conduct joint activities such as business events, delegation exchanges, and facilitate trade and investment cooperation to boost bilateral relations.

Commenting on the MoU, RAKEZ Group CEO Ramy Jallad said, "This collaboration with Foshan Commerce Bureau is part of our commitment to fostering robust international business relationships, aligning with our broader strategy to strengthen the 40-years-strong economic bridge between China and the UAE. As a key growth enabler for Chinese businesses in Ras Al Khaimah, we continue to offer all the incentives they require to thrive in the emirate's robust economic landscape and also tap into the vibrant Middle Eastern markets. We are excited to welcome Foshan companies looking to leverage the extensive opportunities we offer to global investors as a hub for international business success."

Member of the Standing Committee of Foshan Municipal Committee of the CPC Ding Xifeng highlighted, "Foshan, a global manufacturing powerhouse, is keen to explore international markets. This agreement with RAKEZ will not only facilitate our homegrown enterprises to carry out global expansion strategy but also yield fruitful outcomes of common development. We look forward to more collaboration that will benefit businesses from both regions through increased trade and investment flows

The event also featured tours for the Chinese delegation, showcasing Ras Al Khaimah's investment potential. The delegation, led by prominent figures from Foshan's industrial sector, included executives and representatives of major businesses aiming to expand their operations internationally. They visited RAKEZ facilities and local landmarks like Al Marjan and Al Hamra, providing insights into the emirate's strategic advantages from both business and liveability aspects.

This collaboration with the Foshan Commerce Bureau and RAKEZ's ties with top Chinese companies and government entities in cities such as Shenzhen, Guangzhou, and Dongguan, highlight the global prominence of the Chinese market and the economic zone's contribution to further strengthening economic ties between China and the UAE, which serves as China's largest trading partner in the Arab region. RAKEZ is home to more than 250 Chinese companies operating in diverse sectors such as manufacturing, chemicals, EV batteries, technology, and packaging, among others. The economic zone facilitates the ease of doing business by providing customised business solutions and facilities tailored to their specific needs all under one roof. Additionally, to streamline access for Chinese investors, RAKEZ has established a local presence in Shenzhen, staffed with a Director of Business Development dedicated to facilitating direct engagement. These continuous efforts ensure that Chinese companies can effectively expand their operations and go global.

On the sidelines of the MoU, RAKEZ also hosted over 70 delegates—representing manufacturing, IT, service and retail sectors—led by the Chinese General Chamber of Commerce UAE. The party discussed the latest economic developments in Ras Al Khaimah and also met with RAKEZ clients to get an overview of doing business in the emirate.