Ras Al Khaimah yesterday announced its plan to invest up to $1 billion (Dh3.67bn) this year in the minerals and metals industries through a new company.
The company, RAK Minerals & Metals Investments (RMMI) has been launched under the Ras Al Khaimah Investment Authority (Rakia), the nodal agency that oversees investment activities in the emirate.
RMMI will aim to cater to the growing demand for industrial minerals and metal resources for various industries and will identify opportunities in emerging markets such as Africa, Eastern Europe and the Far East, a statement said.
Sheikh Saud bin Saqr Al Qasimi, Deputy Ruler and Crown Prince of Ras Al Khaimah, said: “The minerals and metals industry is developing rapidly. The commitment to the development of these resources has been at the heart of RAK Government’s strategy.”
RMMI Chairman Dr Khater Massad said: “RMMI will immensely benefit from the investment banking approach that Rakia has come to be known for.”
Madhu Koneru, Managing Director of RMMI, said: “We have laid the foundations for a productive and prosperous undertaking and will continuously work towards opportunities and partnerships that we firmly believe will establish the company as a world leader in industrial minerals and metals.
“In fact, RMMI has already started due diligence on few mining rights opportunities in the Far East as well as Africa. These opportunities are in mining as well as in processing of minerals.”
RAK plans $1bn investment in minerals