Port developer and operator Abu Dhabi Ports has inked an agreement with the China Council for the Promotion of International Trade to explore new commercial opportunities between Chinese companies interested in investing in Khalifa Industrial Zone Abu Dhabi (KIZAD) and Khalifa Port Free Trade Zone (KPFTZ).
The Memorandum of Understanding (MoU) was signed on the sidelines of the KIZAD Business Week, which was a series of business and networking events organised by KIZAD, a subsidiary of Abu Dhabi Ports.
Following the signature, Abdulla Al Hameli, Executive Vice President – Corporate Support at Abu Dhabi Ports, commented: “Last year alone, with the support and guidance from the leadership of the UAE, Abu Dhabi Ports signed a 50-year agreement with the Jiangsu province in China, bringing in AED 1.1 billion into the Khalifa Port Free Trade Zone in Abu Dhabi, the largest free zone in the region. Furthermore, COSCO Shipping, the world’s largest container operator, chose Khalifa Port as the base for its operations in the region, driving volumes higher in the upcoming period.”
“We are confident this MoU will mark yet a new turning point and anticipate new and fruitful partnerships for both our countries,” Al Hameli added.
During the KIZAD Business Week, opportunities and challenges in free zones were discussed and how zones like KIZAD and Khalifa Port Free Trade Zone (KPFTZ) can address these issues.