RAK and Tanzania discuss closer business ties

Sheikh Saud welcomed the Minister and hailed the rapid development of business ties between Ras Al Khaimah and Tanzania during the last one year and called for further efforts to enlarge bilateral economic and trade cooperation.

"Ras Al Khaimah and Tanzania hold tremendous potential for development and the partnerships between the two regions have opened up new avenues for bilateral economic cooperation, particularly in the realm of industry, energy, infrastructure and tourism development," Sheikh Saud said.

The Minister conveyed the greetings of Tanzanian President, H.E Jakaya Mrisho Kikwete to Sheikh Saud and briefed him about the progress in various bilateral partnerships initiated between RAK and Tanzania following the visit of Tanzanian President to Ras Al Khaimah in November 2006 and the visit of Sheikh Saud to Tanzania in April this year.

The Ras Al Khaimah Gas Company Tanzania (RAKGT) had in November 2006 signed a Production Sharing Agreement (PSA) with the Government of Tanzania and with the Tanzania Petroleum Development Corporation (TPDC) for the exploration of the East Pande Block in Tanzania. This includes seismic acquisition, interpretation, drilling and in the event of success, the development of the field.

Ras Al Khaimah- based property development firms are also exploring possibilities for investment in property and tourism development projects in Tanzania.

The Minister said that he was impressed by the pace of developments taking place in Ras Al Khaimah and added that Tanzania is keen to learn from the experience and expertise of Ras Al Khaimah Investment Authority (RAKIA) in diversifying its economy and in attracting foreign investment.

Earlier the Minister visited the Ras Al Khaimah Investment Authority and held talks with Dr. Khater Massaad, Advisor to RAK Crown Prince and CEO of RAKIA. The delegation also visited RAK Ceramics and the head office of RAK Properties.

Mohammed Sultan Al Qadi, Managing Director of RAK Properties, Ruurd Abma, Chief Operating Officer, RAK GAS, and a number of officials were present during the meeting.