Abu Dhabi: Abu Dhabi's ZonesCorp is to be dissolved with all of its assets, rights and commitments to be transferred to Abu Dhabi Ports. The Presidential decree will also see ZonesCorp’s employees transferred to Abu Dhabi Ports as per the new arrangement.
ZoneCorp had run a number of special economic zones in Abu Dhabi, including Industrial City of Abu Dhabi and Al Ain Industrial City, having invested $1 billion in infrastructure over the last decade.
Under the new law, Abu Dhabi Ports, which itself is under ADQ, will “establish, own, plan, develop, manage and operate the economic zones, and all maters related to developing ZonesCorp’s infrastructure.”
All other functions previously related with ZonesCorp - including issuing of licenses, regulations, and services’ fees - will also be undertaken by Abu Dhabi Ports. Abu Dhabi Ports will also assume responsibility for ZonesCorp Workers’ Residential Cities, which total 30 in the emirate with a capacity for 385,000 workers. (According to ZonesCorp, the group has invested over $3 billion on its Workers’ Residential Cities.)
“As Abu Dhabi continues to grow as a key player in international trade and logistics, ADQ is further reinforcing this value proposition by merging ZonesCorp into Abu Dhabi Ports. There will now be an even greater opportunity to facilitate industrial diversification and deliver efficient infrastructure support,” said Khalifa Sultan Al Suwaidi, Chief Investment Officer at ADQ.
A massive land bank
Abu Dhabi Port’s industrial and economic zones offering now has a combined land area of 554 square kilometres and more than 1,400 customers.
“By working together more closely, and more strategically, we will leverage our strengths in order to boost the competitive value of our industrial zones within the global marketplace,” said Mohammad Juma Al Shamisi, group CEO of Abu Dhabi Ports.
“Our industrial cluster will be well positioned to deliver even greater investment opportunities to our valued customers who will benefit from easy access to regional markets, increased scale and improved services,” he added.