Abu Dhabi – Mubasher: China-based East Hope Group announced it has signed a memorandum of understanding (MoU) with Khalifa Industrial Zone Abu Dhabi (KIZAD) to work jointly on the feasibility of a $10 billion (AED 36.7 billion) project at Abu Dhabi’s industrial hub.
Under this MoU, both parties will collaborate to implement a three-phase project over a 15-year period to develop 7.6 square kilometres of land at KIZAD, according to a press release.
The MoU was signed by CEO of KIZAD Samir Chaturvedi and president of investments at East Hope Group Meng Changjun in the presence of Rashed Matar Alsiri Alqemzi, Consul General, United Arab Emirates Consulate General in Shanghai and Yongxing Liu, chairman of East Hope.
The first phase of the anticipated project would see East Hope developing an alumina facility, while the second phase would include a red mud research centre and recycling project.
In the final phase, the project would witness large-scale upstream and downstream non-ferrous metal processing facilities, the Chinese group said.
Meanwhile, KIZAD will give East Hope all required support across all areas of the feasibility, including “ensuring the best utility prices, acquiring the land, creating a master-plan, and handling the import of raw materials through Khalifa Port, and storage.”
Furthermore, the agreement will also cover exploring options for the sustainable generation of energy and a sustainability programme to preserve the environment, including the research centre.
Samir Chaturvedi, CEO of KIZAD, said: “The powerful combination of Abu Dhabi’s strategic location, KIZAD’s logistic efficiencies and the connectivity offered by Khalifa Port, the flagship port of Abu Dhabi Ports and one of the region’s biggest maritime hubs, continues to be a powerful magnet for Chinese investments in Abu Dhabi.”
For his part, Yongxing Liu, chairman of East Hope Group, remarked: “This project will become the benchmarking project along the Belt and Road Initiative between the UAE and China.”
