Chinese FDI in Abu Dhabi rises
Print Edition
FOREIGN direct investments from Chinese companies in Abu Dhabi’s industrial free zone has hit US$1 billion in under a year and is set to rise when the UAE’s new investment law takes effect, officials said yesterday.
Chinese companies are seizing opportunities in the Gulf as the world’s second-biggest economy seeks to expand its influence overseas with its ambition to rebuild Silk Road trade routes.
Last year, five Chinese firms invested US$300 million to set up base in the Khalifa Industrial Zone Abu Dhabi.
Since then, 10 Chinese firms have invested in Kizad, taking the total number of companies to 15 and value of investments to US$1 billion, Mohamed Juma al Shamsi, CEO of Abu Dhabi Ports told a business forum.
Three firms in the chemicals, construction and oil sectors signed deals yesterday to invest in Kizad.
A new investment law allowing 100 percent ownership to foreign companies outside of free zones in the UAE is likely before the end of this year, prompting more Chinese firms to invest, said the Chinese embassy.
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