Khalifa Industrial Zone Abu Dhabi (Kizad) has signed an agreement with the US’ Citibank to offer financing and banking services to tenants of the free zone.

The agreement will also help attract foreign direct investment into Kizad as outlined in the Abu Dhabi Economic Vision 2030. Companies wishing to invest in Kizad will have 100 per cent foreign ownership.

Under the agreement, Citibank will help identify potential tenants and establish them in the industrial zone and will also focus on developing joint marketing opportunities in other countries.

“The partnership with a global financial partner of the calibre of Citi is a strategic move that enhances Kizad’s attractiveness in our target markets through the use of their global network and expertise,” says Khaled Salmeen, executive vice-president of industrial zones at Abu Dhabi Ports Company.

On 28 March, ADPC announced that Abu Dhabi Terminals will operate the new Khalifa Port at Kizad when the port begins operations at the end of 2012 (MEED 28:3:11).

The port itself is being developed 4.5km offshore. When complete, the first phase will handle 2 million containers a year and 9 million tonnes of cargo. ADPC has a partnership agreement with Union Railway to develop a rail network in Kizad.