- Latest milestone in Abu Dhabi Ports’ 50-year agreement with Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC)
Abu Dhabi–UAE, September 30
2019: The first purpose-built accommodation project at Khalifa Industrial Zone Abu Dhabi (KIZAD), a subsidiary of Abu Dhabi Ports, was launched earlier this week, with housing and community amenities for 5,000 management and operational employees.
The 75,000 sqm accommodation plot is located in Area B of KIZAD, within the China-UAE Industrial Capacity Cooperation Demonstration Zone, which was established in conjunction with Jiangsu Provincial Overseas Co-operation Investment Company (JOCIC).
The project will house four staff quarters, one management dormitory and two supporting rooms, as well as supporting community living infrastructure to be constructed over two phases, the first of which is due for completion by March 2020.
The milestone development reinforces JOCIC’s commitment to the 50-year cooperation agreement with Abu Dhabi Ports, which has also led to an initiative by the Industrial and Commercial Bank of China to facilitate for Chinese companies to start up in KIZAD.
The accommodation is a major step forward in KIZAD’s approach to better business and competitive advantage through speed, cost, scale and community.
Samir Chaturvedi, CEO, KIZAD said: “The timing for this great step forward could not be better. More than a quarter of the UAE’s Asian imports come from China. With such a stable and sustainable relationship with our Chinese partner, an investment in manpower is one of the most valuable decisions you can make, and this iconic and collaborative project reinforces the confidence and mutual benefits we achieve through our strategic partnership.”
JOCIC, which is engaged in investing, constructing, operating and managing industrial zones abroad, as well as investing in real estate development and other projects, has already attracted the interest and investment of Chinese firms in KIZAD, with investments of more than AED 6.2 billion.
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 a key regional hub for COSCO’s global network of 285 berths at 37 ports, and for China’s Belt & Road maritime trade route.
