The deal completes the acquisition of the Emirate’s Union Cement Company (UCC).
The government of Ras al-Khaimah has announced that it has completed a foreign direct investment (FDI) deal with India’s Shree Cement, according to WAM.
The deal was finalised six months after the initial deal was announced in January and the transaction was managed by RAK Investment and Development Office (IDO) on behalf of the government.
UCC was established in 1972, prior to its acquisition by Shree Cement, the RAK based cement producer was once listed on Abu Dhabi Stock Exchange however it was de-listed and converted into a private joint stock company.
The UCC purchase marks Shree Cement’s first venture into overseas markets.
Mohamed Sultan Al Qadi, Member of the Board of Directors of the IDO, said, "Ras al-Khaimah has developed an economic environment that is attractive to foreign direct investment.