China’s manufacturing firm East Hope Group has reportedly entered into an agreement with Khalifa Industrial Zone Abu Dhabi (KIZAD) to explore the feasibility of setting up a project in that region by investing $10 billion.
Samir Chaturvedi, CEO of KIZAD, and Meng Changjun, president of Investments, East Hope Group signed the memorandum of understanding (MoU) in the presence of His Excellency Rashed Matar Alsiri Alqemzi, Consul General, United Arab Emirates Consulate General in Shanghai and Yongxing Liu, Chairman of East Hope Group.
The potential project may take place in three phases over 15 years, occupying more than 7msqkm within KIZAD. In phase one, there could be the development of an aluminium facility, while in phase two and three, there could be a red mud research centre, a recycling project, and large-scale upstream and downstream non-ferrous metal processing facilities.
As per the agreement, KIZAD will support East Hope Group in acquiring land for the project, creating a masterplan, and handling the import of raw materials through Khalifa Port. In addition, according to the agreement, KIZAD is also responsible for exploring options for the sustainable generation of energy and a sustainability programme to preserve the environment, including the research centre.
Yongxing Liu, Chairman of East Hope Group added, “I am looking forward to integrating our advanced production capacity in the heavy industry with the UAE’s advantages, setting up the strictest environmental standards to establish this new project, facilitating the UAE’s sustainability ambitions. This project will become the benchmarking project along the Belt and Road Initiative between the UAE and China.”
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