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Abu Dhabi Ports and Jiangsu Overseas Cooperation Investment Co (JOCIC) have signed a five year agreement with the Industrial and Commercial Bank of China (ICBC) to make it easier and quicker for Chinese companies to do business at the Khalifa Industrial Zone (KIZAD)
Through its branches in Abu Dhabi and Jiangsu, ICBC will provide services for firms being incorporated at KIZAD by becoming a preferred banking partner of Abu Dhabi Ports and JOCIC. The three organisations will facilitate meetings between companies and the bank to help ICBC tailor its portfolio of products and services to meet individual company needs, facilitating the process of starting up operations in KIZAD. In addition, ICBC will actively promote KIZAD amongst its clients in China and other markets.
Under the agreement, the bank will have a dedicated liaison team for clients of Abu Dhabi Ports, who will receive priority treatment from ICBC. The bank, Abu Dhabi Ports and JOCIC will also work together to simplify application processes for services ranging from foreign exchange to financial consultancy and project finance, including speeding up the sourcing and processing of documents, such as those used to grant land rights within KIZAD. The bank will also support Abu Dhabi Ports’ clients looking to set up in China.
The longstanding economic relationship between China and the UAE was further strengthened last year with the official inauguration of the COSCO Shipping Ports’ Abu Dhabi Terminal at Khalifa Port, positioning Abu Dhabi as the regional hub for COSCO’s global network of 285 berths at 37 ports.
Meanwhile, KIZAD has waived charges for over 75% of its services, in line with an Abu Dhabi Government directive to encourage further investment into the emirate. Captain Mohamed Juma Al Shamisi, Chief Executive of Abu Dhabi Ports, said: “We continue to support the government’s initiatives to build an investor-friendly environment by providing our partners and customers with the incentives they need for their businesses to thrive and grow. We are committed to Abu Dhabi’s drive to become a global gateway for businesses from all parts of the world. The cost of setting up and maintaining a successful business at KIZAD is more achievable now than ever before. It is an ideal opportunity for companies of all sizes to benefit from such incentives for either growing their business or entering new markets.”
To date KIZAD has attracted more than 500 investors and more than AED 65 billion in investment across multiple sectors, including metals, polymers, oil and gas, automotive, food, energy and logistics. The new fee structure will be applicable from this month onwards.
