RAK Ruler witnesses signing of MoUs with Chinese financial institutions

His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, witnessed the signing of Memoranda of Understanding (MoUs) on Wednesday between the Government of Ras Al Khaimah and two leading Chinese financial institutions: the Bank of China and the Industrial and Commercial Bank of China (ICBC), to strengthen economic ties and advance strategic cooperation between Ras Al Khaimah and China.

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

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 accompanying delegation.

Both MoUs were signed on behalf of the Office of the Ruler by Lody Embrechts, Senior Advisor, International Relations, with the Bank of China agreement signed by Pan Xinyuan, General Manager, Bank of China (Dubai) Branch, and the ICBC agreement signed 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 exchange.

The partnership will leverage Bank of China’s global network and cross-border expertise to facilitate capital flows, support Chinese enterprises 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 between government entities, investment promotion agencies and private sector stakeholders, while supporting the development of joint ventures and strategic partnerships with leading Chinese companies.

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

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

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

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

Separately, RAKBANK reaffirmed its long-standing commitment to the UAE’s SME sector, announcing a series of measures aimed at strengthening business resilience, maintaining credit flow and enabling growth during a period of heightened global uncertainty.

For over five decades, supporting small and medium enterprises has been at the core of RAKBANK’s strategy. Having served more than 250,000 SMEs across the UAE, the Bank continues to operate with a simple principle: if it does not help an SME grow, it does not build it. As market conditions evolve and businesses navigate shifting trade flows and cash cycles, RAKBANK is taking proactive steps to support its customers. The Bank has committed approximately Dhs2 billion in additional credit limits for both existing-to-bank and new-to-bank customers, spanning secured lending, term loans, trade finance and working capital solutions.

Agencies