Kizad attracts Dh55m investment from Indian plastics manufacturer
05 Apr 2020
Abu Dhabi's Khalifa Industrial Zone said it attracted investment worth Dh55 million from one of India's leading plastics manufacturing companies, which is building a new facility at the zone’s polymers park.
The industrial free zone's operating company signed an agreement with Hyderabad-based Shrinath Flexipack to build its first factory in the Middle East in the area.
“A packaging company like Shrinath Flexipack setting up in the Kizad polymers park shows the true value of our cluster-based approach, which enables companies within the zone to benefit from each other’s products and services in close proximity, leading to lower cost of production, faster production cycles and quicker shipment to market," said Khalid Al Marzooqi, commercial director at Kizad.
Kizad's access to the deep-water Khalifa Port would help the Indian manufacturer with its imports and exports out of the emirate.
The investment is the latest by a manufacturer at the Abu Dhabi industrial zone, following on from a facility set up by a healthcare firm to manufacture masks and bottles of sanitiser.
Around 50,000 masks and 48,000 bottles of sanitiser are being produced on a daily basis by VPS Healthcare and will be supplied to government offices, the free zone said last month.
Abu Dhabi Ports, which operates Kizad as well as the Zayed and Khalifa Ports, also signed an agreement last month with Saudi Arabia-based Arabian Chemical Terminals to develop a greenfield commercial bulk liquids storage terminal at Khalifa Port.
The storage terminal will be the first to handle liquid products and gas at the deepwater port.
The bulk liquid terminal will be developed on a 50,000 square metre plot of land adjacent to a 16 metre deepwater quay access. The development will have the option to use an additional 150,000 square metres of land.
The project will be completed in two phases, with the first stage - comprising 44 storage tanks set for completion in the second half of 2022. The storage tanks will have capacities of 1,250 and 3,000 tonnes each.
The second phase of expansion at the terminal will comprise a larger number of industrial storage tanks and spheres, Abu Dhabi Ports said.
Source: The National