Building further on a number of important deals with Chinese interests signed over the past year, that aim to position the emirate as a primary regional hub for the Far East giant’s trade and investment, Abu Dhabi Ports has signed a new agreement, this time with the China Council for the Promotion of International Trade. It is expected that this latest initiative will create a framework within which Chinese companies can explore commercial opportunities in investing in both Khalifa Industrial Zone Abu Dhabi (Kizad) and Khalifa Port Free Trade Zone (KPFTZ).
In the past 12 months, Abu Dhabi Ports has signed a 50-year agreement with Jiangsu province in China, bringing AED 1.1 billion worth of investment into Kizad, the largest free zone in the region. Furthermore, Cosco Shipping, the world’s largest container operator, has chosen Khalifa Port as the base for its operations in the region, with a new dedicated container terminal under construction and due for completion later this year.
The new Memorandum of Understanding (MoU) was signed by Abdulla Al Hameli, Executive Vice President, Corporate Support, Abu Dhabi Ports, and Zhou Guangyao, Representative of the China Council for the Promotion of International Trade for the GCC region. Al Hameli said, “We are confident this MoU will mark yet another turning point and anticipate new and fruitful partnerships for both our countries.”