(MENAFN- Emirates News Agency (WAM)) ABU DHABI, 9th June, 2023 (WAM) – Khalifa Economic Zones Abu Dhabi – KEZAD Group, the integrated economic and industrial hub of Abu Dhabi, today announced the signing of a land lease agreement with Spain's Tubacex Group for the development of a state -of-the-art manufacturing facility for OCTG-CRA tubular solutions, the first such manufacturing facility in the Middle East, expected to be operational towards end of 2024.
AD ports Group, represented by Abdullah Al Hameli, CEO Economic Cities & Free Zones, and Tubacex Group, represented by Jesús Esmorís, CEO, have signed an agreement during the Make it in the Emirates Forum. The signing took place in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO of AD Ports Group. The Forum, held from May 31 to June 1, 2023, was organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Department of Economic Development and ADNOC, focusing on the theme 'Investment, Sustainability, Growth'.
This collaboration is supported by MoIAT's efforts to bring together committed offtake agreements, enablers, incentives, and financing providers to cultivate the industrial sector. It also signifies KEZAD's commitment to supporting the national strategy for industry and advanced technology, Operation 300 billion, which aims to drive the industrial sector's contribution to GDP, which reached an impressive AED180 billion last year. In addition, it aims to develop the UAE's industrial sector, enhance its role in stimulating the national economy, raise its contribution to the GDP, and strengthen the UAE's position as a regional and international industrial hub that attracts industrial investments. By partnering with Tubacex Group, KEZAD aims to further increase the localisation and resilience of supply chains.
The 50,000m2 facility to be developed in KEZAD will enable Tubacex to establish a strong presence in the UAE, while reaching out to its global network of clients. The company provides a wide range of stainless-steel tubular solutions for the Energy market and operates as a fully integrated one-stop-shop enterprise.
Abdullah Al Hameli said,“KEZAD continues to welcome the best-in-class companies to establish their presence in Abu Dhabi, as we drive forward in our aim to become the leading hub in the region for manufacturing and innovation. Tubacex Group's global leadership in tubular solutions perfectly aligns with our vision for industrial excellence. Our infrastructure and services will help the company enhance its offering and benefit not only the Abu Dhabi industrial ecosystem but the region and the world from its base in KEZAD.”
Jesús Esmorís said,“We are very excited to establish a presence in Abu Dhabi, as the UAE, and KEZAD in particular, have consistently proven to be the right location providing an exceptional operating framework and connectivity to global clients. Through this investment we expand our existing footprint in the UAE, in the core of a key global Energy hub. Tubacex will implement in Abu Dhabi the sector's most advanced, sustainable manufacturing technologies, and thus secure the supply of a key component needed for the UAE to meet its increasing natural gas production targets which play a crucial role in the energy transition landscape.”
Tubacex is a global leader in the design, manufacturing, and installation of advanced industrial products and high-value-added services for the energy and mobility sectors. Tubacex brings value to its customers through its global presence, with production plants and service centers in Spain, Austria, Italy, the United States, India, Thailand, Saudi Arabia, United Arab Emirates, Norway, Canada, Singapore, Guyana, and Kazakhstan. Its sustainability and environmental policies are endorsed by leading ESG certification organizations, such as Science Based Targets (SBT) commitments for emissions reduction, an A- rating from CDP (Carbon Disclosure Project), and sustainability standards from S&P and Ecovadis. Tubacex has been listed on the Spanish stock exchange since 1970 as part of the Ibex Small Caps Index.