Abu Dhabi's ZonesCorp to become part of Abu Dhabi Ports Company
The Higher Corporation for Specialised Economic Zones is set to be dissolved following the transfer of its assets
The Higher Corporation for Specialised Economic Zones of Abu Dhabi, better known as ZonesCorp, is set to be dissolved, with its assets being transferred to Abu Dhabi Ports Company.
All of ZonesCorp's assets rights and commitments will be transferred to Abu Dhabi Ports Company as part of a rationalisation by ADQ, the state holding company that owns both entities.
"This transition of ZonesCorp to Abu Dhabi Ports is beneficial to all parties involved – partners, employees, and, most importantly, our customers," Falah Al Ahbabi, who is chairman of both entities, said in a statement on Thursday.
"By grouping economic zones within Abu Dhabi Ports, there will be better related operational alignment, increased expansion and enhanced positioning to attract substantial direct foreign investment.”
ZonesCorp, established in 2004 in the capital, is the largest developer and operator of purpose-built industrial zones in the UAE. It operates both the Industrial City of Abu Dhabi and Al Ain Industrial City.
Following the merger, the Abu Dhabi Ports Company will issue licences for practicing activities within the economic zones as well as setting rgw rules, regulations and procedures for the licensing and cancellation of permits.
It will also specify and collect services fees and set out regulations for fees and charges, the statement said.
"By working together more closely, and more strategically, we will leverage our strengths in order to boost the competitive value of our industrial zones within the global marketplace," said Captain Mohamed Al Shamisi, group chief executive of Abu Dhabi Ports. "Our industrial cluster will be well positioned to deliver even greater investment opportunities to our valued customers who will benefit from easy access to regional markets, increased scale and improved services.”
The combined organisation now has a land area of 554 square kilometres and more than 1,400 customers, including those at Icad, Al Ain Industrial City and at Khalifa Industrial Zone close to the Khalifa deepwater port. These entities have attracted inward investments totalling Dh143bn, the statement said.
Updated: July 16, 2020 08:13 PM