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