UAE firm invests in three $100m projects within Abu Dhabi's Kizad
Development plans include building an inland container depot and a container freight station
HH Sheikh Maktoum bin Hasher bin Mana Al Maktoum's company, Trustworthy Group, plans to spend close to $100m (AED367m) on three projects in the Khalifa Industrial Zone Abu Dhabi (Kizad).
Over the next five years, Trustworthy will build an inland container depot, a third-party container freight station, shops, a hotel, staff accommodation, and other port-related services for the multi-phase project.
Phase 1 will kick off with construction of the container depot and freight station, situated on a 13ha plot of land. Building is likely to begin in January 2019, and the site will be operational by June 2019.
Between now and 2023, container volume at Kizad, an integrated trade, logistics, and industrial complex at the centre of Abu Dhabi trade, is expected to rise significantly. Twenty-foot equivalent units (TEUs), a benchmark for cargo capacity, at Kizad could rise from 1.5 million to 8.5 million during the next five years.
Trustworthy's managing director, Abdul Lathif, said an increase in container volume will require a need for larger facilities to handle greater TEUs.
“The potential growth in container volumes over the coming years in Kizad implies the need to build an integrated facility within the port, and together with our partners, we will provide services such as container handling, repairs, and maintenance,” he added.
Hayleys Advantis Limited of Sri Lanka will operate the facilities that Trustworthy will pay for, following a partnership agreement with the UAE company. Mohan Pandithage, chairman of Hayleys Advantis Limited, said the deal marked a first foray in the Middle East for the Sri Lankan transport and logistics company.
“Hayleys Advantis Limited is happy to enter into this landmark partnership with Trustworthy Group, stepping into the Middle East market after having already established its presence in over ten countries.”
Chief executive officer of Kizad, Samir Chaturvedi, said the new container terminal that Trustworthy plans to build will “form an integral part of our thriving ecosystem at the industrial zone” that boasts modern infrastructure and a strategic location to export markets.