Khalifa Industrial Zone Abu Dhabi (Kizad) and Citibank have signed a global partnership agreement to offer financing and banking solutions to Kizad tenants. It also represents a commitment from Citi and Kizad to work together to bring in foreign direct investment in support of the economic diversification and industrialization objectives envisaged under Abu Dhabi Economic Vision 2030.
In addition to identifying potential tenants and establish them in the industrial Zone, the agreement will focus on developing joint marketing opportunities in selected overseas countries supported by Citibank’s global network.
Khaled Salmeen, Executive Vice President of Industrial Zones at ADPC, said: “The partnership with a global financial partner of the caliber of Citi, is a strategic move that enhances Kizad’s attractiveness in our target markets, through the use of their global network and expertise. Kizad presents an exciting opportunity for businesses worldwide, and this was expressed recently during our international road shows to the Indian, Korean, and Chinese markets.”
Commenting on the partnership, Steve Donovan, Managing Director & Head of Citi’s Global Transaction Services, Middle East & Pakistan, said: “We aim to build strategic, long-term partnerships with key clients across the region, such as the Khalifa Industrial Zone Abu Dhabi (Kizad), in support of their growth projection. Citi’s full banking capabilities as well as its wide reach and global footprint will be put to work to promote KIZAD, and ensure its global connectivity.”
Kizad, which was launched in November last year by Abu Dhabi Ports Company (ADPC), covers 417 sq/kms and is located at Taweelah, half way between Abu Dhabi and Dubai. it offers free zone and non-free zone options to potential tenants and aims to attract investors to industrial clusters defined in line with the Abu Dhabi 2030 vision. The clusters include Aluminium, Steel, Engineered Metal Products, Petrochemicals, Pharmaceuticals, Paper, Print and Packaging, Food and Trade and Logistics.