Fifteen Chinese companies have signed $1bn worth of agreements to invest in Abu Dhabi's Khalifa Port Free Trade Zone (KPFTZ).
Following a recent deal between Abu Dhabi Ports and the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC), the terms of the agreement will see the establishment of a free trade zone for companies from the Chinese province of Jiangsu.
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 what will be known as the China-UAE Industrial Capacity Cooperation Industrial Park, according to a statement.
The park will also be part of the KPFTZ, the statement added.
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.
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.
