Khalifa Industrial Zone Abu Dhabi (Kizad) launched on Sunday a Polymers Park, which is wanted to be a manufacturing base for the downstream plastics industry. The Park is relied upon to attract in $1.5 billion in foreign direct investment over the next four to five years.
Situated in Abu Dhabi, the Park is set to deliver 300-400 kilo tonnes of plastic products every year and make up to 7,000 new employments. It is a piece of the UAE’s plans to increase the manufacturing capacity within the nation, with an attention on the petrochemicals division, which depends on petroleum products.
Samir Chaturvedi, CEO of Kizad, said polymers is “one the fastest growing segments globally,” with plastic in virtually everything from cars to infrastructure. He included that he expected any plastic items from consumer products to vehicle parts to be made at the Park.
“What we are trying to do is bring manufacturing capability inside UAE so we can make the final product here and retain the value creation inside the UAE and export the finished product,” he told reporters.
The CEO was talking at a signing ceremony between Kizad and Abu Dhabi National Oil Company (Adnoc) whose joint venture Borouge is a polymers producer.
“UAE is one of the largest petroleum producers and Borouge is one of the top polymers manufacturers in the world. Borouge’s material is supplied to companies globally where they create products, all the way from China, Europe, US,” he said. “What we are trying to do is instead of exporting the raw material all around the world, try to bring in the large companies who can create conversions and more value creation within the UAE.”
Chaturvedi said that Kizad’s location by Khalifa Port will make exporting products fabricated at the Polymers Park less expensive and more efficient.
The declaration on Sunday comes less than a month after Abu Dhabi Ports, which operates Khalifa Port, inaugurated a new Cosco Shipping Ports container terminal that is relied upon to boost trade with China. The terminal is the result of a deal between Abu Dhabi Ports and China’s Cosco Shipping Ports.
Chaturvedi said that the new terminal’s ability of 2.5 million TEUs (twenty-foot equivalent units) will all be accessible for shipping of products made at the Polymers Park, further boosting exports.
What’s more, with the Polymers Park, the CEO said Kizad will ensure the plastic there is reused.
“We are aware of the challenges that plastic brings in, so one of the focus area for us is recycling … We, as an industrial zone, will be putting in enough capacity to recycle plastics,” he said.
The worldwide plastics and polymers market was worth $611.9 billion a year ago, Kizad stated, citing research from the Business Research Company.
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