Abu Dhabi Ports and Jiangsu Overseas Cooperation Investment Co. Ltd (JOCIC) have signed a five-year agreement with Industrial and Commercial Bank of China (ICBC) to simplify business at the Khalifa Industrial Zone (KIZAD) for Chinese companies.
The agreement will see ICBC – through its branches in Abu Dhabi and Jiangsu – provide services for firms being incorporated at KIZD by becoming a preferred banking partner for Abu Dhabi Ports and JOCIC.
The bank will also help potential investors understand the banking sector in the UAE and have a dedicated liaison team for clients of Abu Dhabi Ports, offering them priority treatment.
ICBC, JOCIC and Abu Dhabi Ports also aim to simplify processes for services ranging from foreign exchange to financial consultancy and project finance, including speeding up the sourcing and processing of documents such as those used to grant land rights within KIZAD.
H.E Falah Mohammad Al Ahbabi, member of the Abu Dhabi Executive Council and chairman Abu Dhabi Ports and of the Department of Urban Planning and Municipalities, said: “Improving the ease of doing business in the Emirate for both our current and future clients is a top priority for Abu Dhabi Ports.”
KIZAD and Abu Dhabi Ports have already established a 2.2 sq km China-UAE Industrial Capacity Cooperation Demonstration Zone at the industrial free zone under a 50-year concession.
JOCIC has helped to attract the interest of 20 Chinese firms in the demonstration zone since it was set up in 2018.
Wang Bin, chairman of JOCIC, said: “We are proud to be helping Chinese enterprises grow their business overseas efficiently and effectively through the demonstration zone at KIZAD.”
In January 2019, Abu Dhabi Ports also made an agreement with another Chinese company, Roadbot, to set up a new tyre manufacturing plant at the China-UAE demonstration zone.
Additionally, COSCO Shipping Ports’ Abu Dhabi Terminal at Khalifa port was inaugurated in 2018.