Abu Dhabi Ports announces expansion of free trade zone

29/03/2017 05:24 AST

Abu Dhabi Ports on Tuesday announced the expansion of free trade zone to accommodate more industries. Khalifa Port Free Trade Zone (KPFTZ) is a 100 square kilometre free zone area located adjacent to Khalifa Port.

“KPFTZ provides numerous advantages to investors including competitive lease prices and some of the lowest utility costs in the world, all under tax free umbrella,” said Captain Mohammad Juma Al Shamisi, CEO of Abu Dhabi Ports while addressing media at Global Manufacturing and Industrialisation Summit.

“Investors can have 100 per cent foreign ownership, full repatriation of capital and profits, competitive prices for shipments and centralised government portal for efficient procedures.” He said many Chinese investors are showing interest to set up their companies in the new zone. “We received one or two delegations from China to look for investment opportunities.”

Currently 40 companies operate in the free trade zone in a wide range of sectors including industrial, trading and services.

Mana Mohammad Saeed Al Mulla, Khalifa Industrial Zone Abu Dhabi (Kizad) CEO described expansion plans as a new and attractive addition to the industrial investment landscape of Abu Dhabi.

“With this new addition of free zone land, we intend to attract global interest from manufacturing investors that will ring technology, product diversification and increased trade through our ports.

The new free trade zone will be connected to the future rail network for the transport of goods, he added.

Last year, Abu Dhabi Ports signed a concession agreement with the China based Cosco Shipping Ports Limited to build and operate a terminal at Khalifa Port.

Gulfnews