Arab Today, arab today kizad attracts addedvalue projects to uae economy
Last Updated : GMT 04:43:53
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Kizad attracts added-value projects to UAE economy

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Arab Today, arab today Kizad attracts added-value projects to UAE economy

Abu Dhabi - WAM

Abu Dhabi aims to attract new industrial projects that add value to the UAE national economy, Khaled Salmeen, CEO \'&\' Managing Director of the Khalifa Industrial Zone Abu Dhabi (Kizad), Khaled Salmeen, stated.Abu Dhabi, in the last two years, signed two Musataha contracts covering 27% of the total space allocated for industrial projects in the zone, an increase of 35% than the original intended space, he said in a press conference on the sidelines of the World Ports and Trade Summit 2013 (WPTS) held last week.Musataha, or long-tern lease, agreement is a bankable document, compliant with Islamic ruling and accepted by international banks. The investor can leverage both the Musataha interest and the assets built on the land.Salmeen unveiled that Abu Dhabi is currently negotiating contracts with over 50 companies including German investors, adding that several projects were earlier rejected because they were not seen as an added value to national economy.Abu Dhabi, he added, is looking forward to attract high-end technological industrial investments rather than accumulating untrained skills in the UAE. Abu Dhabi starting Tours in a number of countries this week to introduce potential investors to the qualities of Kizad, starting in Malaysia at the Global Free Trade and Special Economic Zones Exhibition and Summit, between the 23d and 25th of March, followed by Hannover Messe in Germany on the first of April 2013.Salmeen explained that Musataha contracts give investors the right to benefit from lands within Kizad for 50 years, according to contracts signed and registered by the Municipality, guaranteeing the investment rights of its tenants. He stressed that the main goal for Kizad is to attract investors and provide the adequate infrastructure for the establishment of added value industrial projects for Abu Dhabi, and provide the necessary infrastructure for investors to perform efficiently.Kizad\'s official also said 50 Musataha\" contracts were signed by Abu Dhabi in the last two years, the largest being with Emirates Aluminium (EMAL) which anchors Kizad Aluminium Cluster. Abu Dhabi dedicated the Hot Metal Road to host 14 companies operating in the aluminum industry, of which three are currently up and running.The proximity the cluster brings allows the establishment of Kizad\'s Hot Metal Road - a specially constructed roadway that enables the transport and delivery of aluminium in molten form, saving downstream manufacturers the considerable cost of re-melting ingot, according to Kizad.The total space, according to Salmeen, is 50 square Km of which 28 are for rent, fully ready for operation, he said noting that Abu Dhabi plans to rent all allocated space available during the next decade.Kizad\'s CEO noted that Kizad attracted advanced metal and glass industry, with a factory currently under construction by national investments seeking to benefit from finance conditions by banks for projects.He also said that this factory, when it goes operational, will reflect positively on the Khalifa port operations.He announced the signature of rent contracts for over 40% of the Zone\'s warehouses, adding that Abu Dhabi looks forward to increase this percentage to 60% in 2013.Khaled Salmeen confirmed that there is understandings between Kizad and a number of national banks on providing required funds for industrial projects, noting that national banks are very interested in providing full funding for economically lucrative industrial projects.He noted that Kizad\'s One Stop Shop\" business services are provided to more than 240 investors saving time and effort in applying for the necessary permits from municipalities, environmental and economic development.

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