Ras Al Khaimah expands ties with Chinese businesses

RAKEZ completed a business trip to Beijing and Hangzhou and signed a memorandum to attract companies to the emirate.

RAKEZ Economic Zone has completed a week-long business program in Beijing and Hangzhou. One of the results was the signing of a memorandum with the Sino International Entrepreneurs Federation, an association of international entrepreneurs. The results of the trip were reported on September 16.

Negotiations covered technology, construction and the automotive industry. Participants discussed locating manufacturing and distribution operations, developing business relationships, and joint business missions. There are already more than 400 Chinese companies operating in the RAKEZ ecosystem.

For the real estate market, this agenda is interesting primarily because of the connection between business and the urban environment. Manufacturing companies may require warehouses, offices and work sites; Employee needs vary by location and terms of employment. This is the possible direction of demand, not the announced volume of future transactions.

The signed memorandum records the intention to cooperate. The message does not specify the amount of new investment, the list of future enterprises or the number of jobs created. Therefore, it is too early to assess the impact on an individual residential area.