(MENAFN- Khaleej Times) Chinese manufacturing giant East Hope Group is working with Khalifa Industrial Zone Abu Dhabi (Kizad) on the feasibility of setting up a development worth more than $10 billion (Dh36.7 billion) at Abu Dhabi's industrial hub.
Under this agreement, the two entities are looking into a possible 15-year, three-phase plan to develop 7.6 sqkm of land at Kizad.
The agreement was signed by Samir Chaturvedi, CEO of Kizad, and Meng Changjun, president of Investments at East Hope Group, in the presence of Rashed Matar Alsiri Alqemzi, Consul-General at the UAE Consulate-General in Shanghai, and Yongxing Liu, chairman of East Hope Group.
In phase one of the proposed project, East Hope would develop an alumina facility, while the second phase would include a red mud research centre 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 across all areas as it investigates setting up in Abu Dhabi, including 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 programme to preserve the environment, including the research centre.
"The powerful combination of Abu Dhabi's strategic location, Kizad's logistic efficiencies and the connectivity offered by Khalifa Port, the flagship port of Abu Dhabi Ports and one of the region's biggest maritime hubs, continues to be a powerful magnet for Chinese investments in Abu Dhabi," said Chaturvedi.
"I am looking forward to integrating our advanced production capacity in the heavy industry with the UAE's advantages, setting up the strictest environmental standards to establish this new project, facilitating the UAE's sustainability ambitions. This project will become the benchmarking project along the Belt and Road Initiative between the UAE and China," Liu said.
Meanwhile, the China-UAE Industrial Capacity Cooperation Demonstration Zone, which was established in conjunction with Jiangsu Overseas Cooperation Investment, has already attracted the interest of 19 Chinese firms since it was set up last year.
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