East Hope Group signs MoU with KIZAD
Chinese manufacturing giant East Hope Group is working with KIZAD on the feasibility of setting up a development worth more than US$ 10bn at Abu Dhabi’s industrial hub.
The agreement was signed by Samir Chaturvedi, CEO, KIZAD, and Meng Changjun, President of Investments, East Hope Group, in the presence of Rashed Matar Alsiri Alqemzi, the UAE Consul General in Shanghai. Under this agreement, the two entities are looking into a possible 15-year, three-phase plan to develop 7.6sqm of land at KIZAD.
In phase one of the proposed project, East Hope will develop an alumina facility, while the second phase would include a red mud research centre and recycling project. The final phase of the project would see large-scale upstream and downstream non-ferrous metal processing facilities.
As part of the agreement, KIZAD will support East Hope Group across all areas as it investigates setting up in Abu Dhabi, including ensuring the best utility prices, acquiring the land, creating a master-plan and handling the import of raw materials through Khalifa Port and storage.
“Abu Dhabi’s strategic location and the connectivity offered by Khalifa Port continues to be a powerful magnet for Chinese investments in Abu Dhabi,” remarked Samir Chaturvedi, CEO, KIZAD.
“This project will become the benchmarking project along the Belt and Road Initiative (BRI) between the UAE and China,” commented Yongxing Liu, Chairman, East Hope Group.
The East Hope Group produces aluminium and related products, as well as animal feed. The Company was founded in 1982 and has plants in Vietnam, Indonesia and Singapore.