His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, presided over the official lease signing ceremony between China's leading Shandong Timber and Wood Products Association (STWPA) and Ras Al Khaimah Economic Zone (RAKEZ) to establish the Zhong A Shandong Industrial Park in Ras Al Khaimah.
The lease agreement was signed by Yang Yuelu, President of STWPA and Chairman of Zhong A Shandong Industrial Park, and Ramy Jallad, Group CEO of RAKEZ.
The first phase of the industrial park, with an investment of US$360mn, will cover over 450,000 sq m in Al Ghail and Al Hulaila within RAKEZ. The park is set to expand further, ultimately occupying over 1 million m2 in Al Ghail over the next three years. Once completed, the project will introduce more than 60 new companies, particularly in the wood and food and beverage sectors, and generate over 3,500 new jobs in the next five years.
STWPA, which has established similar ventures in China, Indonesia, and Ethiopia, attracts a variety of businesses in sectors such as chemicals, mechanical and electrical, and glass. In Ras Al Khaimah, the industrial park will offer ready-made infrastructure for Chinese investors, with RAKEZ and its partners facilitating their business setup. The park has already attracted F&B and plywood manufacturers.
The UAE holds a pivotal role in China’s global trade strategy, serving as China's largest trade partner in the Arab region and re-exporting around 60% of Chinese trade to over 400 cities across the MENA region. Additionally, the UAE has secured numerous international trade agreements that bolster the country's appeal as a manufacturing hub for global companies. This strategic position has propelled the UAE up the FDI league tables, solidifying its reputation as a prime destination for international investment.
Recognising the significance of Chinese businesses in diversifying Ras Al Khaimah's industrial base, RAKEZ actively engages with Chinese entrepreneurs, government officials, and media representatives through strategic meetings and roadshows across Chinese cities. These efforts to foster a thriving business and investment environment have attracted over 200 Chinese companies to RAKEZ, spanning industries such as recycling, LED lighting, engineering, and packaging, among others.
RAKEZ oversees agreements with Chinese firms
The first phase of the industrial park, with an investment of US$360mn, will cover over 450,000 sq m in Al Ghail and Al Hulaila. (Image source: RAKEZ)
