KIZAD to Explore Options for $10 Billion Development
Abu Dhabi Ports has announced that Chinese manufacturing giant East Hope Group is working with the Khalifa Industrial Zone Abu Dhabi (KIZAD) on the development of a USD $10 billion initiative.
As part of an agreement signed by Samir Chaturvedi, CEO of KIZAD, and Meng Changjun, President of Investments at East Hope Group, both parties will look into the feasibility of a 15-year, three-phase plan to develop 7.6 square kilometres of land at KIZAD.
The first phase of the project, according to statement, would see East Hope develop an alumina facility, while the second-phase would see the construction of a red mud research centre and recycling project.
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A final phase of the possible development would involve the creation of large-scale processing facilities for non-ferrous metals.
In addition to this, KIZAD would support East Hope Group across all areas of the project, ensuring the best utility prices, acquiring the land and handling the import of raw materials through Khalifa Port.
A delegation led by #KIZAD CEO, Samir Chaturvedi visited #ChinaPlas, international exhibition on Plastics &Rubber Industries in #Guangzhou. They met major entities from China and other international markets to discuss business opportunities available for the industry in KIZAD. pic.twitter.com/kwfTGliQBG— KIZAD (@KizadUAE) May 29, 2019
Also featured in the agreement are options for the sustainable generation of energy, benefitting the local environment and reducing the overall carbon footprint of KIZAD.
Samir Chaturvedi, CEO of KIZAD, commented: “The powerful combination of Abu Dhabi’s strategic location, KIZAD’s logistic efficiencies and the connectivity offered by Khalifa Port, the flagship port of Abu Dhabi Ports and one of the region’s biggest maritime hubs, continues to be a powerful magnet for Chinese investments in Abu Dhabi.
“We are delighted that a company of the size and stature of East Hope Group has recognized the unique value proposition of KIZAD and shown interest in joining our thriving and expanding industrial and trade community in Abu Dhabi.”
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Yongxing Liu, Chairman of East Hope Group, added: “I am looking forward to integrating our advanced production capacity in the heavy industry with the UAE’s advantages, setting up the strictest environmental standards to establish this new project, facilitating the UAE’s sustainability ambitions.
“This project will become the benchmarking project along the Belt and Road Initiative between the UAE and China.”