Abu Dhabi Ports and China’s Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC) have announced that 15 Chinese companies have signed agreements valued at $1 billion with Khalifa Port Free Trade Zone (KPFTZ).
Under the terms of an agreement concluded in 2017, Industrial Capacity Cooperation (Jiangsu) Construction Management will occupy and develop approximately 2.2 square kilometres of the free trade zone for companies from the Chinese province of Jiangsu.
Industrial Capacity Cooperation (Jiangsu) Construction Management is a UAE company established by JOCIC.
The area the firm has taken a stake in, dubbed as the China-UAE Industrial Capacity Cooperation Industrial Park, is part of the KPFTZ, the largest free zone in the Middle East, which could be expanded to reach 12.2 square kilometres.
The Chinese companies investing in KPFTZ come from varied sectors, including construction, metals, chemicals, trade and logistics, packaging, and food and beverage.
During a visit to Abu Dhabi by JOCIC representatives from China, delegates went on a tour of the industrial zone to see the growth of the industry as well as the variety of sectors.
Three new Chinese companies also entered into agreements to invest in KPFTZ and lease space.
Nantong Suzhong Construction, Lianyungang Anlun Oilfield Chemicals Co, and Jiangsu Dafeng Port Holding Group will inject a further $47 million into KPFTZ.
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Abu Dhabi Ports and JOCIC also revealed that preliminary work required before commencement of construction will soon reach completion with a date anticipated within the coming month.
These new milestones support both the Chinese ‘Belt and Road’ initiative as well as the UAE Vision 2021.
Commenting on the occasion, Captain Mohamed Juma Al Shamisi, Chief Executive Officer at Abu Dhabi Ports, said: “Thanks to the direction and guidance of the UAE leadership, KIZAD has established its reputation as an attractive investment and trade hub for entities around the world looking to expand in the region.
“Our value proposition, connectivity and state-of-the-art infrastructure, as well as our strategic partnership with JOCIC, has been pivotal in cementing our position in the Chinese market and enhancing our competitive advantage.
“Last year, Abu Dhabi Ports and JOCIC took the first steps to a promising future relationship that will bolster economic and trade ties between our two countries even further in addition to supporting each nations growth strategy.
“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.”
