Abu Dhabi Ports launched an accommodation project at its subsidiary Khalifa Industrial Zone Abu Dhabi (Kizad) earlier this week to house 5,000 employees working at a China-UAE commercial partnership.
The accommodation plot, spanning 75,000 square meters, is located in Area B of Kizad, within the China-UAE Industrial Capacity Cooperation Demonstration Zone, which was established with Jiangsu Provincial Overseas Co-operation Investment Company, the ports operator said in a statement on Tuesday.
"The timing for this great step forward could not be better," Samir Chaturvedi, chief executive of Kizad, said. "With such a stable and sustainable relationship with our Chinese partner, an investment in manpower is one of the most valuable decisions you can make, and this iconic and collaborative project reinforces the confidence and mutual benefits we achieve through our strategic partnership."
More than a quarter of the UAE’s Asian imports come from China and Chinese companies are increasingly seeking opportunities in the Arabian Gulf as the Asian country seeks to expand overseas with its ambition to rebuild the Silk Road. Abu Dhabi rolled out a Dh50 billion economic stimulus package last year, under which the emirate reduced the cost of business fees to attract foreign investors, create jobs for nationals and improve the standard of living.
The project will house four staff quarters, one management dormitory and two supporting rooms, as well as supporting community living infrastructure to be constructed over two phases, the first of which is due for completion by March 2020, the company said.
In August, Abu Dhabi Ports said it is partnering with a Chinese bank and investment body to provide financial services to companies from China setting up in its free zone and streamline business processes to help attract foreign investment to the emirate.
The ports company signed a five-year agreement with the Industrial and Commercial Bank of China, the world's biggest by assets, and Jiangsu Provincial Overseas Co-operation Investment Company that will make it faster for Chinese companies to do business at Kizad.