Fifteen Chinese companies have signed agreements to invest in Abu Dhabi's Khalifa Port Free Trade Zone (KPFTZ), totalling $1 billion in value.
The huge investment follows an agreement between Abu Dhabi Ports and the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC) .
Under the terms of the agreement, China-UAE Industrial Capacity Cooperation (Jiangsu) Construction Management Co Ltd, a UAE company established by JOCIC, would occupy and develop approximately 2.2 sq km of the free trade zone for companies from the Chinese province of Jiangsu.
This area, now dubbed as the China-UAE Industrial Capacity Cooperation Industrial Park, is part of the KPFTZ and is expandable to reach 12.2 sq km, a statement said.
JOCIC representatives have toured the industrial zone and on the sidelines of the visit, three new Chinese companies entered into agreements to invest in KPFTZ and lease space.
Nantong Suzhong Construction Co Ltd, Lianyungang Anlun Oilfield Chemicals Co, Ltd, and Jiangsu Dafeng Port Holding Group will inject a further $47 million into KPFTZ.
Abu Dhabi Ports and JOCIC also revealed that preliminary work required before commencement of construction will soon reach completion with a ground-breaking date anticipated within the coming month.
Mohamed Juma Al Shamisi, CEO at Abu Dhabi Ports, said: “Today, we celebrate a key milestone in our collaboration and look forward to the continued success of the China-UAE Industrial Capacity Cooperation Industrial Park.”
Luo Hua, chairman of JOCIC, added: “This project is an important cornerstone in China and UAE’s bilateral industrial agreement and one that is highly valued by the leadership of both countries.”
The Chinese companies investing in KPFTZ come from varied sectors, including construction, metals, chemicals, trade and logistics, packaging, and food & beverage.
- Hainan FTZ to break new ground in China's opening-up 2018-10-17
- China, Netherlands eye more open, pragmatic cooperation to ... 2018-10-16
- Import expo signals China's commitment to free trade, multi... 2018-10-15
- China, Norway to ink free trade deal next year: Norway's to... 2018-10-11
- Light rail in Nigeria's capital opens opportunities for loc... 2018-10-08