Dubai Economic Zones, wasl tie up for Food Tech Valley project
DUBAI, March 2, 2022
Dubai Integrated Economic Zones Authority said it has signed an agreement with wasl Asset Management Group, one of the largest real estate management companies in Dubai, that provides a framework for both parties to work closely on the Food Tech Valley project.
On completion, Food Tech Valley will be an 18 million sq ft development that will create over 14,000 job opportunities, attracting more than 4,000 visitors. The development will be home to over 1,150 residents.
The two entities had previously collaborated on Dubai CommerCity, the region’s first dedicated ecommerce freezone.
Under the agreement, DIEZ will be providing their operational expertise and solutions to ensure efficient implementation and to achieve the highest returns for partners and contributors.
The scope of the agreement includes provisions for alternate licensing options, special visas, expanding new services for Food Tech Valley covering customs, business set-up support, and a B2B marketplace, in addition to advisory and administrative services.
Under this deal, DIEZ will employ global standards and best practices and build upon its success stories in developing and growing economic zones that have markedly contributed to the national economy for over 25 years.
The two parties will collaborate on several aspects of the project such as employing the latest technological innovations and sustainable methodologies to help achieve the goals of Food Tech Valley, it added.
The MoU was signed by Dr Mohammed Al Zarooni, Executive Chairman of DIEZ and Hesham Al Qassim, CEO of wasl Asset Management Group, in the presence of Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, Mariam bint Mohammed Saeed Hareb Almheiri, Minister of Climate Change and Environment and other senior officials.
On the strategic partnership, Sheikh Ahmed said: "DIEZ continues to consolidate its position as a pivotal contributor to improving Dubai’s attractiveness and competitiveness in trade, investment, and entrepreneurship."
"It also continues to support the Dubai Government's continuous efforts to lay the foundations for a more integrated and flexible economy, based on diverse and sustainable systems, innovative work processes, as well as knowledge, innovation, and advanced technology as the main drivers of sustainable development," he added.
Food Tech Valley, an initiative centered around food, innovation, knowledge, technology and sustainability, seeks to support and attract new agricultural technologies, bridging global and local knowledge in the field, while establishing a collaborative network to lead regional transformation and export knowledge related to sustainable food systems.
It will act as a catalyst to transform the UAE and Dubai into a hub for future clean tech-based food and agricultural products.
Dr Alzarooni emphasised on DIEZ’s commitment to support Dubai’s strategic initiatives that would boost economic activities and enhance the local business environment’s appeal as an investment destination for regional and global companies, noting that these are key factors to further diversify the economy.
"This partnership is an important development for us and aligns with our efforts to boost our contribution to the Food Tech Valley project, in cooperation with one of Dubai’s leading real estate and asset management companies," he added.
Al Qassim said this innovative project was in line with the government’s efforts to transform UAE into a global hub for tech-based food and agricultural solutions.
"Our mandate at wasl is to facilitate business growth in food tech, and we will spare no effort in supporting partnerships and initiatives that will help achieve the UAE Food Security National Strategy 2051," he added.-TradeArabia News Service
