Paris: Abu Dhabi Airports Company (ADAC) Wednesday announced that it has signed a joint venture agreement with Helios SinoGulf Property Development LLC to develop a logistics and business park under free zone regulation adjacent to Al Ain International Airport.

The development will cover 650,000 square metres and will include office space, distribution centres, light industrial units, freight forwarding stations and supporting facilities in a business park that will cater to the needs of air cargo, aerospace, and related industries. The first phase of development represents an investment of more than Dh900 million ($250 million). The development will start immediately and the first phase is scheduled for completion towards the end of 2010.

This development is in line with ADAC's greater development strategy for Al Ain International Airport, and the needs of the emirate's increasingly diverse economy.

Khalifa Mohamed Al Mazrouei, Chairman of ADAC, said: “ADAC is firmly committed to the development of Al Ain International Airport as a hub for low cost carriers and dedicated air cargo freighters. We are joining forces with renowned industrial property developer Helios SinoGulf to create world class facilities supporting the air cargo business of Al Ain airport. The park will also cater to the demand of the upcoming high tech industry and aircraft Maintenance and Repair Operations activities poised to take place in Al Ain airport. This in turn will support and contribute to the growth and diversification of Al Ain economy and the rest of the UAE''.