Abu Dhabi’s Higher Corporation for Specialised Economic Zones (ZonesCorp) is set to complete its study of plans for a fourth economic zone by the second quarter of 2011, the CEO of the government-owned authority told Arabian Business.
Mohammad Hassan Al Qamzi, CEO of Zonescorp, said the first zone, known as Industrial City of Abu Dhabi (ICAD) 1, is 100 percent full, while ICAD 2 is 75 to 80 percent full and ICAD 3 will be 55 to 60 percent full by 2012.
“We have ICAD 4 which is under study right now,” said Al Qamzi. “The study will be completed by the second quarter of next year and from it we will definitely have a clearer understanding of direction,” he added.
ICAD 4 will be located on the west side of Mussafah Industrial City, to the north of the main highway from Al Mafraq to Tarif. The 24 sq km zone will be dedicated to the technology and light industries sectors and will be linked to the Abu Dhabi freight railway network.
A fifth ICAD, to be dedicated to the automobile sector, is also under consideration.
Al Qamzi confirmed that there were currently 1,193 industrial licences issued to companies within the Zonescorp industrial parks, worth a total of AED 49bn ($13.3bn), and AED4bn ($1.08bn) has been spent on infrastructure and services for the zones.
Companies which set up in the economic zones in Abu Dhabi operate under a 49:51 partnership. However, there are plans to introduce free zones and 100 percent foreign ownership to Abu Dhabi.
“Today in Abu Dhabi there isn’t any free zones… we are waiting for the federal law of the free zones to be endorsed and from it definitely we will capture this opportunity and create free zones,” said Al Qamzi.For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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