Chinese giant eyes Abu Dhabi for $10bn industrial project

      Published on Saturday, 25 May , 2019      361 Views     
Chinese giant eyes Abu Dhabi for $10bn industrial project

Chinese manufacturing giant East Hope Group has announced it is working with KIZAD, Abu Dhabi’s industrial hub, on the feasibility of setting up a project worth more than $10 billion.

Under an agreement, the two entities are looking into a possible 15-year, three-phase plan to develop 7.6 square kilometres of land at KIZAD.

The agreement was signed by Samir Chaturvedi, CEO of KIZAD, and Meng Changjun, president of investments, 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, a statement said.

The final phase of the project would see large-scale upstream and downstream non-ferrous metal processing facilities, it added.

As part of the agreement, KIZAD, a subsidiary of Abu Dhabi Ports, 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.

East Hope Group, which is headquartered in Shanghai, is the latest Chinese firm to eye Abu Dhabi as a Middle Eastern hub and a gateway to the region, Africa and Europe.

Earlier this year, Roadbot broke ground at KIZAD on a new tyre manufacturing plant, which is located in the 2.2 sq km China-UAE Industrial Capacity Cooperation Demonstration Zone.

Chaturvedi said:

“We are delighted that a company of the size and stature of East Hope Group has recognized the unique value proposition of KIZAD and shown interest in joining our thriving and expanding industrial and trade community in Abu Dhabi.”

Yongxing Liu, chairman of East Hope Group, added:

“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.”

The East Hope Group produces aluminium and related products, as well as animal feed. The company was founded in 1982 and has plants in Vietnam, Indonesia and Singapore.

The China-UAE Industrial Capacity Cooperation Demonstration Zone, which was established in conjunction with Jiangsu Overseas Cooperation Investment Co Ltd. (JOCIC), has already attracted the interest of 19 Chinese firms since it was set up last year.

Category Business | 2019/05/25 latest update at 9:58 AM
Source : Arabian Business | Photocredit : Google
Comments Add comment

Gulf Media

Related Articles

The editorial staff of Dubai Today would like to give all of its readers from Gulf and Dubai and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Dubai Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Dubai, the Gulf and the world.

Plans withdrawn for Dubai ruler’s new lodge at Inverinate Emir

Plans withdrawn for Dubai ruler’s new lodge at Inverinate

Sheikh Mohammed Bin Rashid al-Maktoum owns Inverinate Estate and its existing properties in Kyle of Lochalsh. The new…

Dubai ruler Shaikh Mohammad Bin Rashid Al Maktoum turns 70 today Emir

Dubai ruler Shaikh Mohammad Bin Rashid Al Maktoum turns 70 today

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler…


Popular in GULF TV

الطوارئ والأزمات يؤكد سلامة المرافق في ابوظبي


الطوارئ والأزمات يؤكد سلامة المرافق في ابوظبي

Latest videos in GULF TV





Science & Technology