RAK explores more deals in Tanzania

The Government of Ras Al Khaimah is exploring more investment and trade opportunities in Tanzania.

Ras Al Khaimah Investment Authority (Rakia), under the Ras Al Khaimah Government, is looking at possibilities of setting up a free zone in Tanzania, apart from pursuing other investment opportunities, said Dr Khater Massaad, CEO of Rakia and advisor to Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

Rakia’s property investment and development arm RAK Properties will launch a mixed-use project in Kigamboni near Daressalaam.

Ras Al Khaimah and Tanzania have agreed to further intensify bilateral co-operation in business and investment sectors, which have witnessed much progress during recent times.

Sheikh Saud (pictured above right) yesterday held talks with Bernard Membe (pictured above left), Minister of Foreign Affairs of Tanzania, and an accompanying delegation who called on him at the Al Dhait Palace in Ras Al Khaimah to discuss the free zone project.

During the talks, the two leaders reviewed the progress in the implementation of various bilateral partnerships initiated between Ras Al Khaimah and Tanzania recently.

“We have made solid progress in taking forward the close ties between Ras Al Khaimah and Tanzania to a new level. We now look forward to further enlarge the scope of our partnerships and to make a meaningful contribution in the development process currently under way in Tanzania,” Sheikh Saud said.

Sheikh Saud said that Tanzania held tremendous potential for development and added that various government agencies in Ras Al Khaimah would be happy to share their expertise and capabilities to help the country attain its true potential, especially in the energy, tourism and logistics sectors.

Bernard Membe said that the Government of Tanzania was making significant strides to modernise its economy and attract foreign trade and investment.

“We cherish the warm relations that we have with Ras Al Khaimah,” he said.