Kizad and HSBC sign global partnership agreement
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November 27, 2019
The agreement, which also covers opportunities to offer financing and banking services to Kizad tenants, represents a commitment from HSBC and Kizad to work together to bring in foreign investment in support of the economic diversification and industrialization objectives envisaged under Abu Dhabi Economic Vision 2030.
Kizad, which was launched late last year by ADPC (Abu Dhabi Ports Company), covers 417 sq/kms, at Taweelah, half way between Abu Dhabi and Dubai. Kizad, which offers freezone and non-freezone options, aims to attract investors to industrial clusters defined in line with the 2020 vision. These include Aluminium, Steel, Engineered Metal Products, Petrochemicals, Pharmaceuticals, Paper, Print and packaging, Food and Trade and Logistics.
Khaled Salmeen, Executive Vice President of Industrial Zones at ADPC and Abdulfattah Sharaf, CEO, HSBC UAE signed the agreement at ADPC headquarters, in the presence of Alan Keir, HSBC Group Managing Director and Global Head of Commercial Banking. Tony Douglas, CEO of ADPC, Kizad Business Development staff and HSBC executives were also in attendance.
Khaled Salmeen, said: “The involvement of a global financial partner such as HSBC is a strategic move that will enhance our plans for Kizad going forward in our chosen markets through use of their network and business expertise. Kizad is an exciting opportunity for businesses worldwide who are considering the region as a hub for their activities. We look forward to talking with many prospective investors through this agreement.”
Abdulfatah Sharaf, CEO, HSBC UAE noted: “Kizad represents an important development for the UAE’s industrial sector, which will play a vital role in underpinning the economic development of the country as we continue to diversify, while retaining our historical positioning as the trade hub of the Gulf.
“The industrial sector is also an important strategic focus for us this year, and I am delighted that Alan Keir, the HSBC Global Head of Commercial Banking, has had an opportunity during his visit to see the progress of Kizad and ADPC and share his views on trends in the industrial sector, as well as thoughts on potential investors from around the world.”
