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[February 2008]
Ras Al Khaimah Forms Industrial Minerals & Metals Investment Company
The Government of Ras Al Khaimah (RAK) in the United Arab Emirates (UAE) has taken a further big leap in its pursuit to become a preferred industrial centre in the region. RAK announced the formation of Ras Al Khaimah Minerals & Metals Investments (RMMI).
RMMI is an initiative by Ras Al Khaimah Investment Authority (RAKIA), the nodal agency that oversees investment activities in the Emirate of Ras Al Khaimah, UAE.
The launch of RMMI comes close on the heels of the RAK Government’s integrated industrial minerals and metals strategy which is based on the goal to become a world-leading industrial hub.
RMMI has been founded with two basic objectives: to cater to the growing demand for industrial minerals and metal resources for various industries and to identify opportunities in emerging markets such as Africa, Eastern Europe and the Far East. The investment potential for RMMI in these markets is estimated to be around US$1 billion in 2008.
Commenting on the announcement, His Highness Sheikh Saud bin Saqr Al Qasimi, Deputy Ruler and Crown Prince of Ras Al Khaimah, said: “I’m very pleased to announce the formation of the first-of-its kind integrated industrial minerals and metals ‘investment’ venture in the region. The minerals and metals industry is developing rapidly, both regionally and internationally. Our commitment to the development of these resources, while preserving the environment for future generations, has been at the heart of RAK Government’s strategy”.
Dr Khater Massad, Chairman, RMMI and Advisor to Sheikh Saud bin Saqr Al Qasimi, said: “We are glad to see the formation of RMMI which will be looking at various opportunities in the emerging markets. RMMI will immensely benefit from the investment banking approach that RAKIA has come to be known for. In essence, whatever RAK Government does across sectors, RMMI will be doing it in the industrial minerals and metals space”.
Madhu Koneru, Managing Director, RMMI, said: “RMMI is a company with a clear vision and a bright future. We have laid the foundations for a productive and prosperous undertaking and will continuously work toward opportunities and partnerships that we firmly believe will establish the company as a world-leader in the 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”.
ENDS