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ADP signs US$300m deal with China
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Time:2017/8/3 15:14:11 |
AS part of China's One Belt One Road (OBOR) initiative, UAE's Abu Dhabi Ports (ADP) has inked a US$300 million investment cooperation agreement with China's Jiangsu province in a bid to strengthen economic ties at Khalifa port's free trade zone (FTZ) area.
The initial $300 million investment plan will be from five Chinese companies based in Jiangsu province that would create 1,400 jobs.
Under the terms of the agreement, China-UAE Industrial Capacity Cooperation Construction (Jiangsu) Management, a UAE company newly established by the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC), will occupy and develop 23.7 million square feet of the FTZ for the Chinese companies.
The area dedicated for the use of the Chinese companies represents 2.2 per cent of the available FTZ in Khalifa Industrial Zone Abu Dhabi's (KIZAD) newly allotted Khalifa Port Free Trade Zone (KPFTZ) area, Seatrade Maritime News of Colchester, UK, reported.
The five Chinese tenant companies are Hanergy Thin Film Power Group, Jiangsu Fantai Mining Development (Group) Co, Xuzhou Jianghe Wood, Jiangsu Jinzi Environmental Technology, and Guangzheng Group.
The land lease includes an option for China-UAE Industrial Capacity Cooperation (Jiangsu) Construction Management 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.
Commenting on the investment agreement, 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."
The agreement also saw the establishment of a 50-year Musataha Agreement, signed by Abu Dhabi Ports with JOCIC.
"The Musataha agreement between Abu Dhabi Ports and JOCIC will attract foreign investment into Abu Dhabi - an ideal environment for investment opportunities due to the competitive advantages KPFTZ enjoys, including its strategic location, world-class infrastructure and logistics solutions," added H E Al Jaber.
The UAE is considered a gateway to 60 per cent of China's exports to regional markets at an annual volume of exchange of $70 billion. | | | | | | | |
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