Saud bin Saqr oversees RAK-China MoUs with major banks

The agreements establish comprehensive frameworks for collaboration across a range of sectors, supporting Ras Al Khaimah’s economic diversification and sustainable growth agenda. Both agreements reflect a shared commitment to elevating bilateral cooperation to long-term strategic partnerships, underpinned by mutual trust, shared interests and a forward-looking vision for high-quality development.

His Highness Sheikh Saud said of the signings: “These agreements reflect Ras Al Khaimah’s steadfast commitment to deepening its economic partnerships with key global markets and advancing a vision of sustainable, diversified growth. Our collaboration with leading Chinese institutions underscores the strength of our shared ambitions to drive innovation, facilitate investment and strengthen the bonds between our peoples.

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.

The agreements were signed during a visit by Ou Boqian, Consul General of the People’s Republic of China in Dubai and the Northern Emirates, and her delegation.

Both MoUs were signed on behalf of the Office of the Ruler by Lody Embrechts, Senior Advisor, International Relations. The Bank of China agreement was signed by Pan Xinyuan, General Manager, Bank of China (Dubai) Branch, and the ICBC agreement by Liu Hua, General Manager, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch.

Under the agreement with Bank of China (Dubai) Branch, the parties will focus on advancing value-adding investment in priority sectors, including manufacturing, logistics, ports and renewable energy, while strengthening institutional connectivity and people-to-people exchanges.

The partnership will leverage Bank of China’s global network and cross-border expertise to facilitate capital flows, support Chinese enterprises in establishing operations in Ras Al Khaimah, and promote deeper economic engagement between the Emirate and China.

The MoU with ICBC Dubai Branch sets out a framework to promote bilateral trade and investment flows, enhance financial cooperation and develop financing solutions to support Ras Al Khaimah’s long-term growth objectives. The partnership will facilitate engagement among government entities, investment promotion agencies and private-sector stakeholders, and support the development of joint ventures and strategic partnerships with leading Chinese companies.

ICBC will also explore opportunities to finance key infrastructure and industrial projects aligned with the Emirate’s economic priorities. Both parties will engage in investment promotion activities, including forums, roadshows and high-level delegations.

Together, the MoUs are expected to strengthen Ras Al Khaimah’s standing as a competitive destination for Chinese investment and deepen institutional ties across both economies.

The signings follow a separate agreement signed by the International Relations Department, which serves as an intermediary between Ras Al Khaimah entities and Chinese organisations, and the Sino-International Entrepreneurs Federation (SIEF) at the UAE–China Business Promotion Conference in Beijing on April 13.

The partnership aims to expand the Emirate’s outreach across Greater China, enhancing its visibility among policymakers, investors and business leaders, and supporting cross-border investment, tourism and cultural exchange.