ZonesCorp signs Dhs1bn contract with Ittihad International Investment at Hannover Messe, Germany
ZonesCorp is delighted to announce that it has signed a ground-breaking deal with Ittihad International Investment at the Hannover Messe Industrial Fair today.
The Group already has 7 industrial units within ZonesCorp’s Industrial City spreading over a total area of 220,000 sq metres and is further expanding its presence there with the region’s first uncoated wood-free printing & writing paper mill targeting consumers in the MENA Region. This Dhs1bn (€200m) project, which will have an annual capacity of 600,000 tons spread over two phases, will generate employment for nearly 200 people, and be spread across 230,000 sq metres of prime industrial real estate. Ittihad International Investment is a UAE based conglomerate with interests spanning copper to steel, and building materials to chemicals. Within a short span of 8 years, it has achieved revenues of Dhs5.9bn (€1.2bn) supported by over 10,000 employees. The project will be situated in ZonesCorp’s ICAD II site and will further strengthen the existing paper cluster.
The project will see large volumes of cargo movement through Khalifa Port, the estimated an annual dry cargo and container movement of 200,000 tons with 85% of the product being exported internationally.
The contract was signed today at a signing ceremony at the Hannover Messe. As part of its commitment to showcase its partner companies and share its expertise and knowledge, ZonesCorp is leading a high level delegation of 19 important industrial manufacturing companies to the prestigious ‘Hannover Messe’, the world’s biggest industrial trade fair in Hannover, Germany.
Over the last 2 years ZonesCorp has gone from strength to strength attracting a steady stream of high quality local and international manufacturing companies to its acreage. In the last 2 years alone ZonesCorp attracted Dhs11.3bn of new investment, 152 new projects creating well over 12,000 new jobs. ZonesCorp’s success can be attributed to, among other things, excellent global connectivity, low cost of operations, high quality investor support, world class infrastructure and providing marketing support.
HE Mohamed Hasan Al Qemzi, Chief Executive Officer at ZonesCorp commented: “The Ittihad facility is a hugely important addition to our paper manufacturing cluster and for Abu Dhabi. It is not only a high quality business that will compete on a global scale, but it has attracted commitments from Ittihad’s upstream partners such as calcium carbonate and starch producers who have committed to move to the cluster adding another Dhs100m in new investment. The deal once again highlights ZonesCorp’s continued attractiveness for large scale projects and the strength of our clusters in attracting companies along the entire value chain. ZonesCorp’s Paper Cluster also hosts Abu Dhabi National Paper, Crown Paper, Queenex, and Al Dhafra Paper.”
Amer Kakish, Chief Executive Officer of Ittihad Investment said: “We are extremely excited to be partnering with ZoneCorp on this project. The ZonesCorp cluster provides us with fantastic opportunities for synergies up and down the value chain in addition to the first class infrastructure that allows us to compete on a truly global level.”
For more information, please contact:
The Higher Corporation for Specialized Economic Zones (ZonesCorp)
Samer Al Haira