Abu Dhabi Ports and Jiangsu Provincial Peoples Governme..."> Abu Dhabi Ports and Jiangsu Provincial Peoples Governme...">

Abu Dhabi Ports and Jiangsu Province in AED 1.1bn agreement

Abu Dhabi Ports and Jiangsu Provincial Peoples Government have signed an investment cooperation agreement to strengthen economic ties and build investment projects through joint opportunities for both the UAE and Chinese economies.

Furthermore, a 50-year Musataha Agreement was signed by Abu Dhabi Ports with the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC), in Khalifa Port Free Trade Zone (KPFTZ).

Under the terms of the agreement, China-UAE Industrial Capacity Cooperation (Jiangsu) Construction Management Co., Ltd., a UAE company newly established by JOCIC, will occupy and develop approximately 23.7 million square feet of the free trade zone for companies from the Chinese province of Jiangsu. This represents 2.2% of the available free zone space in KIZAD’s newly allotted KPFTZ area.

In addition to the signing ceremony, representatives from the five Chinese tenant companies announced their plans to invest in the lease space, including Hanergy Thin Film Power Group, Jiangsu Fantai Mining Development (Group) Co. Ltd., Xuzhou Jianghe Wood Co. Ltd., Jiangsu Jinzi Environmental Technology Co. Ltd., and Guangzheng Group.

The five companies signed with JOCIC as the frontrunners in taking advantage of the agreement’s highly competitive trade benefits. Abu Dhabi Ports stated that the new tenants will inject over AED 1.1bn (USD 300m) into KPFTZ, creating over 1,400 jobs, broadening the financial and physical scope of the zone.

Commenting on the signings, H.E. Dr. Sultan Ahmed Al Jaber said: “We have worked hard to make KIZAD not only the largest free zone in the region, but also one of the most sophisticated and high-potential free zone areas in the world, particularly for the industrial and manufacturing sectors. Today’s announcement reaffirms the longstanding partnership between our two countries, and signals to the world that Abu Dhabi and the UAE are vital to the future of global trade.”
 
The lease also includes the option for China-UAE Industrial Capacity Cooperation (Jiangsu) Construction Management Co., Ltd. to establish and develop a further 107,639,100 square feet of free zone at KIZAD Area B to meet additional demand by Jiangsu province businesses.

Image source: Abu Dhabi Ports -Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports and Luo Hua, General Manager of Jiangsu Province Overseas Cooperation Investment Company Ltd. sign 50-year Musataha agreement

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