Port & Freezone
Free Trade Zone ( KPFTZ ). Captain Mohamed Juma Al Shamisi , CEO of Abu Dhabi Ports , Peng Xiangfeng , President of China Jiangsu International E . T . C . G and Luo Hua , General Manager of Jiangsu Province Overseas Cooperation and Investment Company Ltd . were the signatories of the lease agreement .
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 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 . Combined , the new tenants will inject over a billion dirhams into KPFTZ , creating over 1,400 jobs , broadening the financial and physical scope of the zone while bolstering its ties to the “ Belt and Road ” initiative .
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 highpotential 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 .”
H . E . Dr . Sultan reaffirmed that today ’ s historic signing agreement between the government of Abu Dhabi and the Chinese Province of Jiangsu marks a new step in partnership – to strengthen the close ties between the UAE and the People ’ s Republic of China .
“ 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 , worldclass infrastructure and logistics solutions .
24 August 2017