KIZAD slashes costs and streamlines terms for Saudi investment
Abu Dhabi Ports has discounted rent of warehouses, industrial land, offices and work stations and removed some of the red tape associated with investment for Saudi Arabian nationals.
The announcement was made at the UAE-Saudi Business Forum, where KIZAD was positioned as a key logistics hub to grow the current AED 84-billion worth of bilateral trade between the two countries.
The new terms were announced under the theme ‘Together Forever’, in line with the UAE government’s efforts to increase investment between the two countries.
“I am happy to announce the new measures and procedures set in place by the Department of Economic Development which aims to encourage Saudi investors to establish industrial projects in the emirate of Abu Dhabi,” said Saif Mohamed Al Hajeri, chairman of the Department of Economic Development – Abu Dhabi.
“These measures include maximum facilitation and exemptions from processes listed as part of the Trade initiative and Industry Pioneers initiative— mainly exemption from lease contracts. Abu Dhabi Ports will provide the Saudi investor with several investment incentives in KIZAD, including discounts on rent of warehouses, industrial land, offices and work stations,” he added.
Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, added that the company strongly supported the UAE’s efforts to increase trade, business and industrial cooperation, and placed great importance on Saudi investment.
“Both countries have experienced accelerated growth in the past decade and we are eager to build on opportunities for further development and industrial as well as maritime success. We encourage Saudi investors to leverage the unique and strategic location of Khalifa Port and KIZAD, in addition to the privileges that both regional and international investors can avail at the Khalifa Port Free Trade Zone. Through these new incentives, we aim to encourage more Saudi companies to establish their businesses here in Abu Dhabi.” he added
Abu Dhabi Ports is the master developer, operator and manager of commercial and community ports within the emirate of Abu Dhabi, as well as Fujairah Terminals and Khalifa Industrial Zone Abu Dhabi (KIZAD).