Dubai's group to invest Dh367m in Kizad inland container port, freight station
Jalal Essudeen, Executive Director, Trustworthy.ae Group and Samir Chaturvedi, CEO, Kizad, sign the investment agreement on Sunday. Abdul Lathif, Managing Director, Trustworthy.ae Group (third from left), Mohan Pandithage, Chairman, Hayleys PLC (third from right) and senior directors from Hayleys Advantis Limited, Kizad and Abu Dhabi Ports were also present on the occasion.(Supplied photo)
Dubai - Dubai-based Trustworthy.ae Group plans to invest Dh367 million ($100 million) in Khalifa Industrial Zone Abu Dhabi (Kizad) to develop an inland container depot (ICD), a third-party container freight station (CSF) and other port-related services over the next five years.
According to a statement issued by the company, the investments will further entail the development of engineering services, third-party logistics, marine services, retail and hospitality.
Construction on the container freight station and inland container depot, which will be developed on a 1.4-million square feet land plot, will commence in January 2019 and is set to become operational by June 2019.
Hayleys Advantis, the transport and logistics arm of Sri Lanka's Hayleys Group, will operate the facility.
Container volumes in Kizad are expected to grow exponentially from 1.5 million twenty-foot equivalent units (TEUs) to 8.7 million TEU's over the next five years.
"Under the steadfast guidance of our Chairman His Highness Sheikh Maktoum Bin Hasher Bin Mana Al Maktoum, it is our honour and privilege to invest and be part of Kizad. Our state-of-the-art inland container depot and container freight station will provide world-class and most reliable services to our clients across various industries," said Abdul Lathif, managing director, Trustworthy.ae Group.
"The potential growth in container volumes over the coming years in Kizad implies the need to build an integrated facility within the port and together with our partners we will provide services such as container handling, repairs and maintenance," he added.
Commenting on the occasion, Hayleys Chairman Mohan Pandithage said: "As the leading logistics solutions provider in Sri Lanka, Hayleys Advantis Limited is happy to enter into this landmark partnership with Trustworthy.ae Group, stepping into the Middle East market after having already established its presence in over ten countries."
He added: "It gives us great pride to represent and work with many of the large shipping and freight companies in the world and we look forward to a fruitful partnership with Trustworthy.ae Group to build a world-class operation in Kizad using our diverse and in-depth expertise."