UAE-based port operator Abu Dhabi Ports (AD Ports) has signed a memorandum of understanding (MoU) with Emirates Development Bank (EDB) to support the industrial sector in the Emirates.
In particular, AD Ports’ Industrial Cities and Free Zone (IC&FZ) Cluster signed the MoU under which EDB will provide financial solutions to the industry players who are part of the AD Ports Group ecosystem in KIZAD and ZonesCorp.
Moreover, the financial solutions from EDB will also support the growth and expansion of the industry members.
EDB explained that the financial solutions can be used to build new facilities, purchase or lease the existing facilities and well as acquire, upgrade and maintain the units’ physical assests.
Ahmed Mohamed Al Naqbi, CEO at EDB, said that the collaboration is part of the bank’s vision to support the country’s economic diversification plans and provide the industrial units in the KIZAD and AD Ports Group ecosystem with easy access to financial solutions.
Commenting on the MoU, head of the Industrial Cities and Free Zone Cluster at AD Ports Group Abdullah Al Hameli said: “At KIZAD, ZonesCorp and AD Ports Group, our efforts are geared towards creating an investor-friendly ecosystem. In line with this, our partnership with EDB is aimed at broadening the support to our clients by facilitating the financing solutions to enable growth and expansion plans of industrial companies and contributing to the UAE’s ‘Operation 300bn’ Industrial strategy”.
The partnership will also see EDB and AD Ports Group organise a series of interactive webinars with panel discussions and one-on-one meetings with existing KIZAD and ZonesCorp clients to provide an in-depth understanding of the financing solutions offered by EDB.
With a total area of 550 square kilometres, of which 100 square kilometres is specifically designated as a free zone, KIZAD and ZonesCorp under the IC&FZ Cluster form the largest industrial hub for integrated trade and logistics in the region.
At the end of 2021, AD Ports revealed plans to establish the region’s first hub for the storage and distribution of tyres at the KIZAD logistics zone.
The hub is a part of the port operator’s agreement with China-based Shandong Port Group for strengthening trade and shipping links between the UAE and China.
Source: World Maritime News