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AD Ports, which is owned by sovereign wealth fund ADQ, has signed a deal for the setting up of a metal park at the Khalifa Industrial Zone Abu Dhabi (KIZAD).
The agreement with Metal Park Investment ME will establish a specialised 450,000-square-metre hub that will cater to metal vendors, processors and fabricators in the UAE, AD Ports said in a statement to the Abu Dhabi Securities Exchange (ADX) on Tuesday.
The integrated hub will be equipped with facilities supporting storage and handling, processing and fabrication activities. It will also offer rental office space, research and development amenities and associated financial services.
“Metal Park in KIZAD will create an ecosystem that helps metal service providers grow their business and adapt to market trends and conditions quickly and effectively, so they can plan for the future without constraint,” said Abdullah Al Hameli, Head of Economic Cities & Free Zones Cluster.
KIZAD is an industrial zone that is located next to Khalifa Port, AD Ports’ flagship deepwater port.
With the metal park, entrepreneurs will be able to expand their business with little capital, as it will provide a range of “pay-as-you-go” specialist workforce at competitive rates, according to Saleh Shahrestani, Chairman of Metal Park Investment ME.
“Metal Park will revolutionise the steel fabrication industry and transform it into a win-win economy by providing a platform for metal services to be more efficient financially, economically and environmentally,” he said.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
