Five Chinese firms to invest $300m in Abu Dhabi's Kizad
The companies, from the Jiangsu province on China's east coast, are involved in sectors ranging from power and metals to natural resources and banking
Five Chinese companies are interested in investing $300m (AED1.1bn)in Khalifa Industrial Zone Abu Dhabi (Kizad), it has been reported.
The firms are Hanergy Thin Film Power Group, Jiangsu Fantai Mining Development (Group) Co Ltd, Xuzhou Jianghe Wood Co, Jiangsu Jinzi Environmental Technology Co, and Guangzheng Group, according to Reuters.
The companies, from the Jiangsu province on China's east coast, are involved in sectors ranging from power and metals to natural resources and banking, Abu Dhabi officials said.
Mohamed Juma Al Shamisi, chief executive of Abu Dhabi Ports, said that Abu Dhabi Ports has signed a 50-year agreement with the Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC) to take a lease on 220ha at Kizad.
"The foreign direct investment into industry will contribute positively to Abu Dhabi's non-oil GDP and help in diversifying the economy from oil," Al Shamisi added.
Al Shamisi noted that the lease agreement is the biggest yet signed at Kizad, which has a total area of 10,000ha.
Kizad, which opened in 2012, reportedly attracted investments worth around $15bn (AED55.1bn) by the end of 2016 from a number of countries, including Brazil, India, Japan, and Britain, in industries like food, metals, pharmaceuticals, aluminium, and logistics.