Offers full foreign ownership in special economic zone
01 Jan 2011
Abu Dhabi Ports Company (ADPC), the entity in charge of developing and regulating industrial zones and ports in the capital, announced in mid-November that its flagship project, Khalifa Industrial Zone Abu Dhabi (KIZAD), will offer full foreign ownership. KIZAD is a mammoth infrastructure project comprising a multipurpose offshore port and one of the largest integrated industrial zones in the world. The industrial complex and its port is expected to generate 15 percent of Abu Dhabi's non-oil GDP by 2030, create 150,000 jobs and export between 60 percent and 80 percent of goods produced within its borders. The venture will be fully financed by the Abu Dhabi Government.
KIZAD will be set up along vertically integrated clusters for petrochemicals, pharmaceuticals, steel, aluminium, life sciences, biotechnology, glass, paper and other industries on nearly 420 sq km of industrial land. The free zone will operate a dual ownership regime for foreign businesses: full ownership and joint-ventures. The full ownership for non-Emirati companies will be granted on a case-by-case basis by the ADPC management, only if the proposed venture furthers Abu Dhabi's strategic economic objectives. These would be projects in capital and energy-intensive industries such as metallurgy, petrochemicals and pharmaceuticals."
Type:
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Promotion and facilitation (Special economic zones)
Industry:
Inward FDI:
No
Outward FDI:
No
Sources:
