Under the patronage of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, a significant lease agreement was signed between Ras Al Khaimah Economic Zone (RAKEZ) and Singapore–China industrial real estate leader, THi Holding Management Corporation (THi). This partnership marks a substantial advancement in UAE–Singapore investment relations.
Strategic Investment and Development Plans
The agreement involves an estimated total investment of USD 300 million, to be developed in phases. THi will lease over 300,000 m² of land in Al Hamra, Ras Al Khaimah, to establish a next-generation industrial park. The park aims to attract high-tech and smart manufacturing enterprises, particularly from East Asia, fostering global innovation and connectivity within the UAE’s northern emirate.
Partnership with SC Capital Partners
THi will collaborate 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 Assets under Management (AuM) of over USD 100 billion. This collaboration underscores the strategic alignment between Singapore and the UAE in advancing industrial development.
Ceremony and Attendees
The agreement was formalized 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.
Economic Impact and Future Outlook
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. It further reinforces Ras Al Khaimah’s pivotal role in driving national economic diversification.
Jallad commented, “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 added, “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.”
This development underscores the UAE’s commitment to fostering international partnerships and advancing its industrial capabilities, positioning Ras Al Khaimah as a key hub for global manufacturing and innovation.
