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Business
China-UAE industrial park attracts investment of RMB 7 bln from several companies
CKN
2019/01/11 03:50:54
2,381
China's News, China's Financial News, China-UAE

Jan 11, 2019 (China Knowledge) - The China-UAE Industrial Park in the United Arab Emirates will complete the construction of its main building in June this year after attracting investment from nearly 20 Chinese companies.

The industrial park which is the first capacity cooperation park between the two countries has seen a total investment of nearly RMB 7 billion with the first batch of companies already having started construction of their plants in the park.

These companies come from sectors such as building materials, chemistry and new energy.

Yesterday, Jiangsu-based New Chunxing Resource Recycling Group, which is one of China’s lead-acid battery recycler, signed an agreement with the industrial park to invest RMB 200 million into a lead-acid battery waste recycling and processing facility in the park.

The company expects its net annual sales revenue to hit RMB 900 million and its lead-acid battery waste recycling rate to reach 99%, once the plant is operational.

At the same time, Etihad Airways which is the national carrier of the UAE also entered an agreement with the industrial park to provide preferred air transportation and freight services to companies in the industrial park for routes and services between the two countries.

The industrial park which was established in 2017 with a 50-year agreement between Abu Dhabi Ports and the Jiangsu Provincial Development and Reform Commission is an important major project under the Belt and Road Initiative to strengthen industrial cooperation between the China and the UAE.

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