RAK Ruler Endorses UAE–Singapore Economic Synergy with Landmark RAKEZ–THi Deal
Ras Al Khaimah, 29 April 2025: Under the patronage of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, a landmark lease agreement was signed between Ras Al Khaimah Economic Zone (RAKEZ) and Singapore–China industrial real estate leader, THi Holding Management Corporation (THi). This milestone marks a significant advancement in UAE–Singapore investment relations.
With an estimated total investment of USD 300 million built out over phases, the agreement highlights the UAE’s increasing appeal as a premier destination for strategic international investment. Under its terms, THi will lease over 300,000 m² of land in Al Hamra, Ras Al Khaimah, to develop a next-generation industrial park aimed at attracting high-tech and smart manufacturing enterprises—particularly from East Asia—while fostering global innovation and connectivity within the UAE’s northern emirate.
THi, as the developer, operator and asset manager, will be working closely with Singapore-headquartered real estate investment management firm SC Capital Partners, which is 40% owned by CapitaLand Investment, a leading global listed real asset manager from Singapore with a total AuM of over USD 100 billion.
The agreement was formalised by RAKEZ CEO Ramy Jallad and THi Founder and Chairman Frank Wu during a high-level signing ceremony attended by distinguished dignitaries, including H.E. Mohammad Al Hawi, Undersecretary of the UAE Ministry of Investment, and Andrew Lim, Group Chief Operating Officer of CapitaLand Investment and Suchad Chiaranussati, Chairman of SC Capital Partners.
This project builds upon a Memorandum of Understanding (MoU) signed in 2024, which laid the foundation for collaboration in key sectors such as industrial development and education. With more than 50 tenants expected to establish operations in the new industrial park—spanning sectors including electric vehicles, renewable energy, and advanced materials—the initiative is projected to create over 1,800 job opportunities and further reinforce Ras Al Khaimah’s pivotal role in driving national economic diversification.
Jallad said, “This milestone agreement with THi aligns with our mission to foster industrial innovation in Ras Al Khaimah. The scale and ambition of this project reflect the confidence that global partners place in our economic zone and the wider emirate.”
Wu commented, “UAE stands at the crossroads of global trade, making it an ideal launchpad for reimagining the future of manufacturing and supply chains. Through this landmark project, we are not only investing in world-class industrial infrastructure but initiating a transformative movement to shift advanced manufacturing capabilities from East Asia to the heart of the GCC. Our goal is to create a resilient, innovation-driven ecosystem that serves as a vital link between Asia and the Middle East—starting right here in Ras Al Khaimah.”
