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New UAE Minerals Company Targets China & India

To capitalize on growing demand in emerging markets, one UAE government forms Ras Al Khaimah Minerals & Metals Investments

In another move by a Middle Eastern government to become an industrial hub, the government of Ras Al Khaimah, which is part of the United Arab Emirates, said on Monday that it would form Ras Al Khaimah Minerals and Metals Investments (RMMI) to help build up supplies of minerals and cater to the growing demand for such resources, particularly from China and India.

Ras Al-Khaimah is a 1,700 square kilometre region with a population of 250,000 in the northern part of the UAE, bordering Oman. While there are no concrete plans announced as of yet, officials for RMMI reckons the investment potential for the RMMI is about $1 billion in 2008.