Abu Dhabi Ports: KIZAD to Offer 75 Pct of Services Free of Charge
- Business & Finance
Abu Dhabi Ports has waived charges for over 75% of services offered by its subsidiary Khalifa Industrial Zone Abu Dhabi (KIZAD).
As explained, the move is in line with the Abu Dhabi Government directive to encourage further investment into the emirate.
Specifically, three quarters of services will be offered free of charge, while fees for a significant number of the remaining services will also be reduced and streamlined to a simpler tariff structure.
“We continue to support the government initiatives to build an investor-friendly environment by providing our partners and customers with the incentives they need for their businesses to thrive and grow. We are committed to Abu Dhabi’s drive to become a global gateway for businesses from all parts of the world,” Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, commented.
“The cost of setting up and maintaining a successful business at KIZAD is more achievable now than ever before. It is an ideal opportunity for companies of all sizes to benefit from such incentives for either growing their business or entering new markets.”
The exemptions are said to be aligned with Ghadan 21, the three-year, AED 50 billion (USD 13.6 billion) Development Accelerator Programme for the emirate.
According to Abu Dhabi Ports, the decision to waive fees also builds on the success that the port developer and operator has had in attracting investors to KIZAD since it was launched in 2010. To date, the zone has attracted more than 500 investors and more than AED 65 billion in investment across multiple sectors.
The new fee structure will be applicable from this month onwards.
Separately, Abu Dhabi Ports said that it 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 KIZAD.
Abu Dhabi Ports and KIZAD have already established with JOCIC a 2.2 square kilometer China-UAE Industrial Capacity Cooperation Demonstration Zone at KIZAD under a 50-year agreement. The Demonstration 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. The agreement also reiterates the strategic position played by the emirate to the major trade hubs along the BRI.