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RAK, Congo to boost business ties

Ras Al Khaimah, August 20, 2008

Ras Al Khaimah and Congo have expressed their resolve to expand their bilateral ties with focus on business and investment relations.

During the meeting between Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah and the visiting Industry Minister of the Democratic Republic of Congo, Simon Mboso Kiamputu, the progress of various economic partnerships forged earlier, was reviewed.

Sheikh Saud said that Ras Al Khaimah was keen to explore investment opportunities in Congo across various sectors.

“Congo has vast potential and we would like to participate in the country’s development which will enable it attain its full growth potential. What we are looking for is a strong partnership that would enable RAK based entities use their expertise and investments in forging mutually beneficial ties,” he said.

Sheikh Saud added that various property development projects undertaken by Rakeen in the Congolese capital, Kinshasa would help in boosting the capital city’s infrastructure and hotel capacity.

Rakeen Congo Ltd is building a 5-star hotel with 372 rooms along with a convention centre and office and residential tower involving total investment of $500 million. The work on the project is underway and is expected to be completed by June 2010.

Calling for increased cooperation, Simon Mboso said, “We look forward to sharing of technical expertise and more investments from RAK, especially in the industrial sector and for development of cement plants and boosting agro industry.”

Bilateral business relations between RAK and Congo had witnessed much activity in the recent times with several RAK Government entities announcing mega investments in the mineral-rich central African country.

Ras Al Khaimah Minerals & Metals Investments (RMMI) had in March announced an investment of $250 million in Congo.

Ras Al Khaimah Minerals & Metals Congo (RMMC), a special purpose vehicle formed for Congo operations, has invested $50 million in acquiring stake in two companies holding vast copper mines. RMMI is also setting up a world class copper and cobalt smelter plant in the Katanga region of Congo at an initial investment of $200 million.

RAK Airways is in the process of finalizing plans to launch a new national airline for Congo through a joint venture with the Government of Congo.-TradeArabia News Service




Tags: Ras Al Khaimah | Congo |

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