ZonesCorp, Ittihad in $272m deal
Abu Dhabi, April 10, 2014
ZonesCorp, a leading industrial investment destination and pillar of sustainable growth in Abu Dhabi, has signed a deal with Ittihad International Investment at the Hannover Messe Industrial Fair in Germany today (April 11), said a report.
The deal includes the building of a Dh1 billion ($272.2 million) uncoated wood-free printing and writing paper mill, which will have an annual capacity of 600,000 tonnes, spread over two phases, said the Emirates News Agency (WAM) report.
The project will be located in ZonesCorp Industrial City, which already has seven industrial units spread over an area of 220,000 sq m, it said.
It will generate employment for nearly 200 people, and will be spread across 230,000 sq m of prime industrial real estate, said the report.
Ittihad International Investment is a UAE-based conglomerate with interests spanning copper, steel, building materials and chemicals, it said.
"The Ittihad facility is a hugely important addition to our paper manufacturing cluster and for Abu Dhabi. It is not only a high quality business that will compete on a global scale, but it has attracted commitments from Ittihad’s upstream partners such as calcium carbonate and starch producers who have committed to move to the cluster adding another Dh100 million in new investment,” Mohamed Hasan Al Qemzi, CEO at ZonesCorp, was quoted as saying.