Ras al khaimah: H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, was present at the signing of Memoranda of Understanding (MoUs) between the Ras Al Khaimah Government and two prominent Chinese financial institutions, the Bank of China and the Industrial and Commercial Bank of China (ICBC). These agreements aim to bolster economic ties and advance strategic cooperation between Ras Al Khaimah and China.
According to Emirates News Agency, the agreements establish comprehensive frameworks for collaboration across various sectors that align with Ras Al Khaimah's economic diversification and sustainable growth agenda. These agreements highlight a shared commitment to developing long-term strategic partnerships based on mutual trust, shared interests, and a vision for quality development.
H.H. Sheikh Saud expressed that the agreements demonstrate Ras Al Khaimah's dedication to deepening economic partnerships with essential global markets and promoting sustainable, diversified growth. The collaboration with leading Chinese institutions emphasizes mutual ambitions to drive innovation, facilitate investment, and strengthen bilateral relations.
The agreements were signed in the presence of Ou Boqian, Consul General of the People's Republic of China in Dubai and the Northern Emirates, and her delegation. Lody Embrechts, Senior Advisor, International Relations, signed on behalf of the Office of the Ruler. Pan Xinyuan, General Manager of Bank of China (Dubai) Branch, and Liu Hua, General Manager of Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, signed on behalf of their respective banks.
The agreement with Bank of China (Dubai) Branch focuses on investment advancement in sectors like manufacturing, logistics, ports, and renewable energy. It seeks to strengthen institutional connectivity and people-to-people exchange, leveraging Bank of China's global network to facilitate capital flows and support Chinese enterprises in Ras Al Khaimah.
The MoU with ICBC Dubai Branch aims to promote trade and investment flows, enhance financial cooperation, and develop financing solutions to support Ras Al Khaimah's growth objectives. It will encourage engagement between government entities, investment agencies, and private stakeholders, supporting joint ventures and strategic partnerships with Chinese companies.
ICBC will explore financing opportunities for infrastructure and industrial projects, with both parties agreeing to engage in investment promotion activities such as forums and roadshows. Collectively, the MoUs are expected to enhance Ras Al Khaimah's appeal as a destination for Chinese investment and deepen institutional ties between the economies.
The signings follow an agreement by the International Relations Department with the Sino-International Entrepreneurs Federation (SIEF) during the UAE-China Business Promotion Conference in Beijing on April 13. This partnership aims to expand Ras Al Khaimah's outreach in Greater China, enhancing visibility among policymakers, investors, and business leaders, while supporting cross-border investment, tourism, and cultural exchange.