RAK, Congo to expand bilateral business ties

During the talks they reviewed the progress in the implementation of various economic partnerships forged between Ras Al Khaimah and Democratic Republic of Congo.

Both sides expressed their resolve to take growing business and investment relations to an even higher and qualitatively new level.

Sheikh Saud said that Ras Al Khaimah is 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 $500m. The work on the project is underway and is expected to be completed by June, 2010.

The Minister conveyed the appreciation and gratitude of the Congolese Government for the support and investments made by Ras Al Khaimah in the country's development efforts.

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 $250m in Congo.

Ras Al Khaimah Minerals & Metals Congo (RMMC), a special purpose vehicle formed for Congo operations, has invested $50m in acquiring stakes 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 $200m.

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.