RAK and Puntland State of Somalia sign agreements to boost bilateral cooperation

H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, and H.E Mohamud Musse Hersi, President of the Puntland State of Somalia, signing bilateral economic agreements at the Al Dhait Palace in Ras Al Khaimah.

During the meeting the two leaders signed a series of economic agreements aimed to further strengthen business cooperation between the two regions.

Welcoming Mohamud Musse Hersi, Sheikh Saud expressed hope that the high level visit would widen the scope of cooperation between UAE and Somalia. 'We hope that closer business ties between the two countries would further enhance economic activity that would contribute towards substantial economic development of Somalia and Puntland,' he said.

Mohamud Musse Hersi said that there was considerable potential for economic development in the Puntland State of Somalia and said that the Puntland was attracting considerable investor attention in recent times. 'UAE is one of our major trading partners and we look forward to further strengthening economic cooperation by extending collaboration across various fields,' he said.

The two leaders signed an agreement to set up a new hydrocarbon company, Puntland Hydrocarbon Development Company LLC, which would undertake exploration and development of oil and gas fields in Puntland.

The new joint venture company would also provide services to Puntland to manage its hydrocarbon resources including transfer of technical know-how, assessment of hydrocarbon potential, conducting seismic surveys and other services.

Ras Al Khaimah Government has also signed another agreement with the Puntland State of Somalia for undertaking a comprehensive study to come up with a development plan for the Puntland State, covering diverse areas such as development of ports, energy sector, airports, tourism and real estate development.

It has also inked a deal for setting up of a dedicated livestock quarantine facility to facilitate the import of livestock from Somalia to the UAE.

Sheikh Mohammed bin Saqr Al Qasimi, Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAK Customs and Ports Department, Mohammad A. Al Mehrizi, Director of RAK Customs and Ports Department, Ruurd Abma Managing Director of RAK Gas a number of government officials were present at the function.