Kizad Area 1 exceeds foreign investment targets
Khalifa Industrial Zone Abu Dhabi (Kizad) has received strong interest and is reportedly well on track to achieve substantial growth this year, comments Abu Dhabi Ports Company in a report by The National.
The Abu Dhabi Ports company, the body which oversees the free zone, says Kizad Area 1 has attracted more than double its target of major manufacturers in the first phase of development, with international firms eyeing significant investment.
Approximately 2 square kilometres has already been earmarked for companies seeking a lease agreement in this first stage.
The free zone has been aggressively marketed overseas to the Chinese, Indian and South Korean markets with over 30 international trade delegations held.
"We set a year-one target [of companies]," Tony Douglas, chief executive of Abu Dhabi Ports Company, told The National. "We're double our year-one expectation at the moment."
Whilst the exact number of businesses who have applied for operations in Kizad Area 1 is unknown, a statement released in May revealed 100 companies had signed up.