UAE - Chinese conglomerate considers $ 10 B investment
Saturday, 05 25 2019, Category: Economy, Country: U.A.E
Chinese manufacturing giant East Hope Group is working with KIZAD on the feasibility of setting up a development worth more than USD 10 billion at Abu Dhabi’s industrial hub.
The agreement was signed by Samir Chaturvedi, CEO of KIZAD, and Meng Changjun, President of Investments, East Hope Group, in the presence of His Excellency Rashed Matar Alsiri Alqemzi, Consul General, United Arab Emirates Consulate General in Shanghai and Yongxing Liu, Chairman of East Hope Group. Under this agreement, the two entities are looking into a possible 15-year, three-phase plan to develop 7.6 square kilometres of land at KIZAD.
In phase one of the proposed project, East Hope would 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.