The Higher Corporation for Specialized Economic Zones (HCSEZ) announced yesterday that it has delivered on its promise to establish world-class manufacturing facilities in the region within the stipulated time, with Phase II of Industrial City of Abu Dhabi (ICAD) attracting investors from across the globe.
ICAD II, which was announced in December last year, is one of the major industrial zones being developed by HCSEZ to transform Abu Dhabi into a world-class industrial, services, and logistics hub. Already more then 20 major companies have entered into negotiations with HCSEZ to establish their operations in ICAD II and have committed over AED 7 Billion to date in investment.
ICAD II follows the success of its currently operational predecessor, the AED 10 billion ICAD I, which is home to over 160 major international manufacturing companies. ICAD II is the second of many specialized economic zones that HCSEZ is actively promoting among companies in the region.
Sheikh Hamed Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Department of Planning and Economy and HCSEZ Chairman, explained that the two industrial cities will further consolidate Abu Dhabi’s stature as a leading international industrial hub and showcase the emirate’s investment and business-friendly environment. Moreover, Sheikh Hamed stressed the fact that HCSEZ will in the coming month be launching several more zones that will focus on the development of over 30 industry clusters and develop more then 300 Km2 of premium industrial estates.
“The establishment of ICAD I & II is a premier example of how Abu Dhabi has a program to diversify its economy to boost non-oil GDP. Since its launch in mid-December last year, ICAD 2 has attracted strong interest from the region’s manufacturing community. We are confident of completing this phase on schedule,” Sheikh Hamed said.
Among the leading plants to be established in ICAD II is Emirates Float Glass LLC, a world-class float glass company that will manufacture 600 tons of float glass per day. This important project has been founded and promoted by Dubai Investments PJSC to satisfy the rapidly growing GCC demand for world-class float glass products.
By offering an integrated state-of-the-art infrastructure and world-class services along with a range of incentives to investors, HCSEZ is succeeding in attracting investment to the region. The organization’s vision of careful planning of its resources to develop the industrial cities has interested world players to establish their presence in Abu Dhabi.
ICAD II is built on 10 square kms that also accommodate a building materials cluster as well as a dedicated oil and gas industrial services complex. Key investors in ICAD 2 include Dubai Investment Company, Ali & Sons, Emirates International Investment Company and Bukhater Group.
About HCSEZ:
HCSEZ was established in June 2004 to develop strategic industry clusters and to promote economic investment through the creation of Specialized Economic Zones.
HCSEZ's objective is to attract and promote industries that are knowledge, energy and capital intensive in order to become a manufacturing, Services and logistics hub.
HCSEZ provides dedicated industry clusters through specialized economic zones. It offers fully serviced 5 star industrial zones with integrated state-of-the-art infrastructure and services. HCSEZ strives to ensure that its zones offer investors one of the world's most business friendly environments.
