China’s East Hope Group eyes Kizad in Abu Dhabi for $10bn project
The three-phased project, in line with the UAE's and China's collaboration on Belt and Road Initiative, will span 15 years
Chinese manufacturing firm East Hope Group has started working with Khalifa Industrial Zone Abu Dhabi (Kizad) to explore the possibility of setting up development worth $10bn (AED36.7bn) within the industrial hub in Abu Dhabi, with the three-phased project – in line with the UAE's and China's cooperation on the Belt and Road Initiative – to see the Chinese firm constructing various manufacturing facilities across a 7.6km2 piece of land in Kizad over a 15-year period.
Of the three phases, the first would include East Hope developing an alumina facility, with the second phase covering the development of a red mud research centre and recycling project, and the final phase focusing on large-scale upstream and downstream non-ferrous metal processing facilities.
Also part of the agreement signed recently between East Hope Group and Kizad is a commitment to explore a sustainability programme that will help preserve the environment, with sustainable energy-generation options, including a research centre.
The collaboration agreement was signed between both entities by Kizad chief executive officer, Samir Chaturvedi, and East Hope Group’s president of investment, Meng Changjun, in the presence of the UAE’s Consul General in Shanghai, HE Rashed Matar Alsiri Alqemz, and chairman of East Hope Group Yongxing Liu.
Commenting on the project, Liu said the development would be “a benchmarking project along the Belt and Road Initiative between UAE and China”, adding that he was looking forward to balancing the integration of advanced production capacity in UAE’s heavy industry with the strictest environmental standards.
Chaturvedi, recognising East Hope Group’s prominence, added: “We’re happy that a company of such size and stature has recognized Kizad’s unique value proposition and shown interest in joining Abu Dhabi’s thriving industrial and trade community.”