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ZonesCorp, Khalifa Fund sign cooperation agreement
DUBAI - ZonesCorp and Khalifa Fund, or KFED, have entered into an agreement of cooperation on Wednesday to accelerate the establishment and growth of Small and Medium Enterprises, or SMEs in Abu Dhabi.
The principle aim of the agreement is to integrate and streamline the application process for SMEs, supported by KFED, to obtain land in ZonesCorp’s economic zones and ensure swift approval and implementation of projects, according to a Press statement.
SME’s will also benefit from duty-free import of machinery and raw materials, free repatriation of profit and capital, a skilled labour force, competitively-priced utilities and sophisticated industrial and business infrastructure. As part of the agreement ZonesCorp and KFED will work closely to identify attractive potential industry sectors and viable business ideas which can be implemented by the SMEs.
ZonesCorp is a government backed agency directly responsible for the establishment, management and operation of specialised economic zones in Abu Dhabi. ZonesCorp currently operates and manages 5 industrial cities in the Mussafah district of Abu Dhabi. Each zone has been strategically designed to cluster specialised industrial sectors in a complementary manner in order to exploit Industrial synergies. The sectors within ZonesCorp’s industrial cities include manufacturing, assembly engineering and processing industries for wood, chemicals, plastics and fibre glass, construction materials, oil and gas, food and textiles. Mohamed Hasan Al Qamzi, CEO of ZonesCorp, said:“Today’s agreement is in line with ZonesCorp mission in fostering growth for the industrial sector and the local economy. We strongly believe that this cooperation with Khalifa Fund will bring considerable additional benefits to Emiratis looking at playing a pivotal role in achieving the Government of Abu Dhabi Vision 2030.”
Dr. Ahmed Al Mutawa, CEO of Khalifa Fund said: “We are very pleased to be working with ZonesCorp. This agreement is another milestone in KFED’s continuous efforts to provide the incentives and infrastructure to support growing SMEs in Abu Dhabi. We are expecting that our cooperation with ZonesCorp will lead to further diversification of SMEs in the industrial sector and local economies in the Emirate.”
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