Chinese giant to set up development worth $10b in KIZAD
Chinese manufacturing giant East Hope Group is working with KIZAD on the feasibility of setting up a development worth more than $10 billion (Dh36-billion) at Abu Dhabi’s industrial hub.
The agreement was signed by Samir Chaturvedi, CEO of KIZAD, and Meng Changjun, president of investments, East Hope Group, in the presence of Rashed Matar Alsiri Alqemzi, consul general, United Arab Emirates Consulate General in Shanghai and Yongxing Liu, chairman of East Hope Group.
Under this agreement, the two entities are looking into a possible 15-year, three-phase plan to develop 7.6 square kilometers of land at KIZAD.
In phase one of the proposed project, East Hope would develop an alumina facility, while the second phase would include a red mud research center and recycling project. The final phase of the project would see large-scale upstream and downstream non-ferrous metal processing facilities.
As part of the agreement, KIZAD would support East Hope Group by ensuring the best utility prices, acquiring the land, creating a masterplan and handling the import of raw materials through Khalifa Port, and storage.
The agreement also includes exploring options for the sustainable generation of energy and a sustainability program to preserve the environment, including the research center.
East Hope Group, which is headquartered in Shanghai, is the latest Chinese firm to invest in KIZAD.
Meanwhile, the China-UAE Industrial Capacity Cooperation Demonstration Zone, which was established in conjunction with Jiangsu Overseas Cooperation Investment Co. Ltd. (JOCIC), has already attracted the interest of 19 Chinese firms since it was set up last year.
