Abu Dhabi Ports signs deal to ease process for Chinese firms in UAE

Falah Al AhbabiAbu Dhabi Ports and Jiangsu Overseas Cooperation Investment Co Ltd (JOCIC) have signed a five-year agreement with Industrial and Commercial Bank of China (ICBC) to make it easier and quicker for Chinese companies to do business at Khalifa Industrial Zone (KIZAD), Abu Dhabi’s integrated trade, logistics, industrial and free zone

Abu Dhabi Ports and its subsidiary KIZAD have already established with JOCIC a 2.2 sq km China-UAE Industrial Capacity Cooperation Demonstration Zone at KIZAD under a 50-year agreement. The zone forms part of the UAE’s support for China’s Belt and Road Initiative (BRI) and aims to attract more trade and investment to Abu Dhabi.

A MoU was signed by Falah Mohammad Al Ahbabi, chairman of Abu Dhabi Ports, Wang Bin, chairman of JOCIC, and Chen Siqing, chairman of ICBC.

Through its branches in Abu Dhabi and Jiangsu, ICBC will provide services for firms being incorporated at KIZAD by becoming a preferred banking partner of Abu Dhabi Ports and JOCIC. The three organisations will facilitate meetings between companies and the bank to help it tailor its portfolio of products and services to individual needs, making it quicker and easier for companies to start up in KIZAD. In addition, ICBC will raise awareness of KIZAD with clients in China and across other markets.

Falah Mohammad Al Ahbabi, member of the Abu Dhabi executive council, chairman of the department of urban planning and municipalities, and chairman of Abu Dhabi Ports, said, “Abu Dhabi’s strategic location and commitment to the belt and road initiative has placed the Emirate in an advantageous position on the global trade map. Thanks to these factors, we have forged a number of strategic partnerships that are supporting the development of an innovative and sustainable economic ecosystem across the region.”

JOCIC has attracted the interest of 20 Chinese firms in the demonstration zone since it was set up last year.

Under the agreement, the bank will help potential investors understand the banking sector in the UAE and will have a dedicated liaison team for clients of Abu Dhabi Ports.

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