Project could see the development of an aluminium facility, red mud research centre and recycling project
China-based manufacturing firm East Hope Group has signed a memorandum of understanding (MoU) with Khalifa Industrial Zone Abu Dhabi (KIZAD) to explore the feasibility of a $10bn expansion into the region.
The potential project could be undertaken in three phases over 15 years and could occupy more than 7msqkm within KIZAD.
The agreement was signed by Samir Chaturvedi, CEO of KIZAD, and Meng Changjun, president of Investments, East Hope Group, in the presence of His Excellency Rashed Matar Alsiri Alqemzi, Consul General, United Arab Emirates Consulate General in Shanghai and Yongxing Liu, Chairman of East Hope Group.
“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. We are delighted that a company of the size and stature of East Hope Group has recognised the unique value proposition of KIZAD and shown interest in joining our thriving and expanding industrial and trade community in Abu Dhabi,” said Samir Chaturvedi, CEO of KIZAD.
According to a statement, the proposed project could see the development of an aluminium facility in phase one, a red mud research centre and recycling project in phase two, and large-scale upstream and downstream non-ferrous metal processing facilities in phase three.
As part of the agreement, KIZAD will support East Hope Group as it studies setting up in Abu Dhabi, including ensuring the best utility prices, acquiring land, creating a masterplan and handling the import of raw materials through Khalifa Port, as well as storage. The agreement also includes exploring options for the sustainable generation of energy and a sustainability program to preserve the environment, including the research centre.
Yongxing Liu, Chairman of East Hope Group added, “I am looking forward to integrating our advanced production capacity in the heavy industry with the UAE’s advantages, setting up the strictest environmental standards to establish this new project, facilitating the UAE’s sustainability ambitions. This project will become the benchmarking project along the Belt and Road Initiative between the UAE and China.”