This undated photo shows visitors touring RAKEZ’s industrial zones, Al Marjan Island and Jebel Jais, in addition to meeting with representatives of various Ras Al Khaimah-based entities. (PHOTO PROVIDED TO CHINA DAILY)

The Ras Al Khaimah Economic Zone, or RAKEZ, said there has been growing interest from Chinese companies to explore business opportunities in the United Arab Emirates (UAE) against the backdrop of the Gulf nation’s thriving ties with China.

In a press release issued on Aug 16, RAKEZ, a business and industrial hub established by the government of Ras Al Khaimah, said it has hosted a tour to its industrial zones, Al Marjan Island, and Jebel Jais, where the visitors met with representatives of various Ras Al Khaimah-based entities.

Ramy Jallad, Group CEO of RAKEZ, said the growing interest from Chinese businesses “further solidifies our efforts to strengthen our relationships with global investors by fostering mutually beneficial collaborations”

A similar exchange, albeit the other way round, had earlier taken place in May when a delegation from RAKEZ visited China and travelled through Shanghai, Suzhou, Qingdao, Tianjin, Guangzhou, Foshan and Zhuhai to woo more investment as the UAE intensifies its economic diversification drive.

Ras Al Khaimah is one of the seven emirates that make up the UAE.

The RAKEZ boasts over 18,000 companies from over 100 countries — with 400 of them being Chinese companies — operating in more than 50 industries.

ALSO READ: UAE reaps fruit of Belt and Road

This year, RAKEZ has already seen some key investments from Chinese companies, including Maxtron Show Lighting, a manufacturer of computer-controlled, programmable LED light systems and video screens, which announced in May that it will set up a 1,200-square-meter manufacturing unit in the zone.

Ramy Jallad, Group CEO of RAKEZ, said the growing interest from Chinese businesses “further solidifies our efforts to strengthen our relationships with global investors by fostering mutually beneficial collaborations”.

He said the UAE’s long-standing relationship with China has helped shape a flourishing economic landscape, with China becoming the UAE’s top non-oil trading partner and the third-largest foreign investor. Similarly, for RAKEZ, China continues to be one of the key focus markets.

Further, the CEO said that as the UAE actively strives to boost bilateral trade with China to $200 billion by 2030, establishing business relations with more Chinese companies has become even more vital.

“In this light, we welcome more Chinese investors to explore the dynamic opportunities that Ras Al Khaimah has to offer,” he said.

READ MORE: UAE seeks closer green partnership with China, promotes renewables

RAKEZ offers entrepreneurs, startups, SMEs and manufacturers a wide-range of solutions, including free zone and non-free zone licences, customisable facilities, and first-class services provided in a one-stop shop.

It also has specialized zones that are tailored to specific needs of investors, such as Al Nakheel and Al Hamra Business Zones for commercial and service companies, Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers and industrialists, and an Academic Zone for educational providers.

According to the UAE Ministry of Economy website, the Arab nation has more than 40 multidisciplinary free zones in which expatriates and foreign investors can have full ownership of companies.