UAE's Ras Al Khaimah signs MoUs with Chinese banks

Ras Al Khaimah, one of the UAE's seven emirates, signed Memorandums of Understanding (MoUs) with the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) on Wednesday, to establish a comprehensive framework for cooperation across various sectors, including manufacturing, logistics, ports, renewable energy, and infrastructure. 

The signing was witnessed by HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, and Ou Boqian, the Chinese Consul General in Dubai.

The cooperation with Bank of China (Dubai Branch) will facilitate investment flows, support Chinese corporations in establishing operations in the emirate, and enhance cooperation in priority sectors.

The MoU with ICBC Dubai Branch aims to boost bilateral trade and investment, develop financing solutions for projects, and encourage joint ventures with Chinese enterprises. The agreement also has plans for investment promotion activities.

"By building lasting bridges of cooperation with China, we continue to position Ras Al Khaimah as a gateway for global enterprise and a partner of choice for long-term mutually-beneficial sustainable development," said the ruler of Ras Al Khaimah.

Analysts say the MoUs are expected to strengthen the northern emirate's position as an attractive destination for Chinese investment, while deepening institutional relations across both economies.