DIEZ and wasl ink deal to work on Food Tech Valley project
The two entities had previously collaborated on Dubai CommerCity, the region’s first dedicated ecommerce freezone
The Dubai Integrated Economic Zones Authority (DIEZ) has inked a deal with wasl Asset Management Group, which provides a framework for both parties to work on the Food Tech Valley project. Once complete, Food Tech Valley will spread over 18m sqft and is expected to create over 14,000 job opportunities and attract more than 4,000 visitors. The development will also be home to over 1,150 residents.
As per the terms of the agreement, DIEZ will provide operational expertise and solutions to ensure efficient implementation and to achieve the highest returns for partners and contributors. The scope of the agreement includes provisions for alternate licensing options, special visas, expanding new services for Food Tech Valley covering customs, business set-up support, and a B2B marketplace, in addition to advisory and administrative services.
According to the statement, DIEZ will employ global standards and best practices and build upon its success stories in developing and growing economic zones that have contributed to the national economy for over 25 years. The two parties will collaborate on several aspects of the project such as employing the latest technological innovations and sustainable methodologies to help achieve the goals of Food Tech Valley.
The MoU was signed by Dr Mohammed Al Zarooni, executive chairman of DIEZ and Hesham Al Qassim, CEO of wasl Asset Management Group, in the presence of Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, Mariam bint Mohammed Saeed Hareb Almheiri, minister of climate change and environment and other senior officials.
“DIEZ continues to consolidate its position as a pivotal contributor to improving Dubai’s attractiveness and competitiveness in trade, investment and entrepreneurship. It also continues to support the Dubai Government’s continuous efforts to lay the foundations for a more integrated and flexible economy, based on diverse and sustainable systems, innovative work processes, as well as knowledge, innovation, and advanced technology, as the main drivers of sustainable development,” said Sheikh Ahmed.
Food Tech Valley seeks to support and attract new agricultural technologies, bridging global and local knowledge in the field, while establishing a collaborative network to lead regional transformation and export knowledge related to sustainable food systems. It will act as a catalyst to transform the UAE and Dubai into a hub for future clean tech-based food and agricultural products, the statement explained.
Dr Alzarooni emphasised DIEZ’s commitment to support Dubai’s strategic initiatives that would boost economic activities and enhance the local business environment’s appeal as an investment destination for regional and global companies, noting that these are key factors to further diversify the economy.
“This partnership is an important development for us and aligns with our efforts to boost our contribution to the Food Tech Valley project, in cooperation with one of Dubai’s leading real estate and asset management companies. Our mandate at wasl is to facilitate business growth in food tech, and we will spare no effort in supporting partnerships and initiatives that will help achieve the UAE Food Security National Strategy 2051,” Al Qassim concluded.
