- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:22 06:35 12:33 15:53 18:26 19:39
Ras Al Khaimah Investment Authority (Rakia) and RAK Minerals and Metals Investments (RMMI) yesterday signed a Memorandum of Understanding (MoU) with the Government of South Sumatra Province, Indonesia, to develop industrial and logistics infrastructure including a rail transport corridor and a deep water sea port to handle bulk and container cargo.
The investment authority said in a statement this initiative furthers its strategy of developing interests in the coal mining and minerals sectors. The MoU covers the mining-to-export chain of coal industry that “transcends the industry vertical and looks at developing and supporting other possible industries”, the statement said. The MoU includes building of an industrial park for metals refining, smelting and metal based fabrication industries, bio technology parks, palm, rubber and other agro-base industries, captive power plants and supporting infrastructure.
Under the MoU, the Government of South Sumatra Province in Indonesia will provide sufficient land and fast-track the approval and licensing process to build new port, industrial parks, power plant, and residence and leisure facilities.
South Sumatra will also facilitate RMMI to get licences and off-take agreement of natural resources such as coal and metallic ores to support the raw material requirement of industries and the planned power plant.
South Sumatra, which holds the largest resources of coal in Indonesia, “aims to capitalise on its strategic location and get the full benefits from its natural resources and agriculture-based economy to induce social and economic growth” in the region by attracting investments in the minerals and ore processing industry, agro-businesses, bio-technology industries and oil and gas refineries, Rakia said.
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