Ras Al Khaimah – UAE - 12 April 2017: Ras Al Khaimah Chamber of Commerce hosted a high-level delegation from the Republic of Angola, led by Dr. Abrahão Pio dos Santos Gourgel, Minister of Economy, along with his accompanying delegation. The purpose was to familiarize themselves with the local investment opportunities, with the aim of bolstering economic relations and areas of cooperation.

Yousef Al Nuaimi, Chairman of Ras Al Khaimah Chamber of Commerce, noted the Chamber’s ongoing efforts to support cooperation between Ras Al Khaimah and other countries, because of its relevance to growing and developing the economy. Al Nuaimi added that the meeting was an opportunity to discuss further means of cooperation and to explore the investment opportunities available in Ras Al Khaimah and Angola.

Dr. Abrahão spoke of his gratitude to Ras Al Khaimah Chamber of Commerce for hosting the Angolan delegation, stressing that it was a successful start to exploring different ways of expanding cooperation in economic fields between both parties. He added that the delegation contained representatives from tourism, agriculture, mining, and food industries, and called on them to consult with their counterparts in Ras Al Khaimah. 

Delegation members made presentations on Angolan products and the expertise the country has, particularly in the agriculture and fishery sectors. Ras Al Khaimah Chamber of Commerce officials presented the strong growth story being experienced by one of the fastest growing economies in the Middle East, whose annual growth rate between 2011 and 2015 was 8.8%. RAK’s foreign trade volume in 2015 amounted to AED9 billion, with some AED3.6 billion being local exports, imports coming in at AED3 billion, and re-exports accounting for the remaining AED2.4 billion. The RAK economy enjoys strong credibility levels, with a short and long term credit rating of A/A from Fitch, and A/A-1 from Standard & Poor’s. The industrial sector’s contribution to RAK’S GDP has now reached 33%, a sector the government is paying particular attention to.

A presentation by RAK Tourism Development Authority highlighted tourism investment opportunities, and also demonstrated the latest developments within the sector, with visitor numbers up 11% in 2016. The authority is on target to attract 1.1 million visitors to Ras Al Khaimah by 2019 and 2.4 to 2.9 million tourists by 2025.

Additional presentations were delivered by RAK Maritime City on the growth of ports in the Emirate and their fundamental role as logistics hubs, and by Al Marjan Island on the advantages RAK has in attracting destination investment, through an overview of the projects it has executed, those under construction, real estate development, and how the company is contributing to tourism growth within the Emirate.

The economic and commercial relations between both parties were discussed during the meeting, along with the means to develop them. Opportunities to create outstanding economic and investment partnerships were raised, in conjunction with the means to enhance cooperation in key sectors.