First phase expansion spans over 450,000sqm and an investment of US$ 360mn
HH Sheikh Saud Bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah recently hosted the official lease signing ceremony between China’s world-leading Shandong Timber and Wood Products Association (STWPA) and Ras Al Khaimah Economic Zone (RAKEZ) to establish the Zhong A Shandong Industrial Park in Ras Al Khaimah.
With an investment of US$ 360mn, the first phase of the new industrial park will span over 450,000sqm across Al Ghail and Al Hulaila in RAKEZ.
It will undergo further expansion to encompass over 1mn sqm of land in Al Ghail over the next three years. Upon completion, the project will bring in over 60 new companies, specialising in the wood and food and beverage sectors, and create more than 3,500 new jobs in the next five years.
STWPA supports more than 1,700 wood companies worldwide and is responsible for producing 10% of the world’s wooden furniture, with an annual output valued at US$ 55bn.
“Our collaboration with RAKEZ is characterised by a true partnership approach. We are thoroughly impressed with the comprehensive support extended by various levels within the emirate,” commented Yang Yuelu, President, STWPA.
