United Arab Emirates port operator Abu Dhabi Ports has announced new special terms for Saudi Arabian nationals looking to invest in the industrial park and free zone adjacent Khalifa Port.
Saudi Arabaian nationals can now apply for discounts on renting warehouses, industrial land, offices and work stations in Khalifa Industrial Zone (KIZAD).
Bilateral trade for Saudi Arabia and the UAE stands at US$22 billion, while the UAE has $4 billion worth of investments in the kingdom.
The announcement was made at the UAE-Saudi Business Forum 2017, which was held so businesses from both countries could discuss cooperation in sectors such as industrial, energy, construction and financial services.
During the forum, Abu Dhabi Ports also participated in a panel discussion entitled “Industrial Integration” on the current and future industrial investment opportunities at KIZAD.
It also showcased examples of investment opportunities in KIZAD.
Saif Mohamed Al Hajeri, Chairman of the Department of Economic Development, Abu Dhabi, said: “I am happy to announce the new measures and procedures set in place by the Department of Economic Development which aims to encourage Saudi investors to establish industrial projects in the emirate of Abu Dhabi.
“These measures include maximum facilitation and exemptions from processes listed as part of the Trade initiative and Industry Pioneers initiative mainly exemption from lease contracts.
“Abu Dhabi Ports will provide the Saudi investor with several investment incentives in KIZAD, including discounts on rent of warehouses, industrial land, offices and work stations.”
Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “We place great importance on Saudi investments and we support our leadership’s guidance on strengthening trade, business and industrial cooperation between the two brotherly nations and, to show our cooperation, we have announced a number of incentives for Saudi investors who seek growth into Khalifa Industrial Zone.
“Both countries have experienced accelerated growth in the past decade and we are eager to build on opportunities for further development and industrial as well as maritime success.
“We encourage Saudi investors to leverage the unique and strategic location of Khalifa Port and KIZAD, in addition to the privileges that both regional and international investors can avail at the Khalifa Port Free Trade Zone.
“Through these new incentives, we aim to encourage more Saudi companies to establish their businesses here in Abu Dhabi.”