Tuesday 26 March 2019
 
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Officials at the signing ceremony

Trustworthy.ae Group to invest $100m in Kizad projects

DUBAI, December 10, 2018

Dubai-based Trustworthy.ae Group plans to invest Dh365 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.

Kizad is one of the largest industrial zones in the Middle East and a subsidiary of Abu Dhabi Ports.

Future investments will entail the development of engineering services, third-party logistics, marine services, retail and hospitality, said a statement.

Construction on the container freight station and inland container depot, which will be developed on a 1.4 million sq ft land plot, will commence in January 2019 and is set to become operational by June 2019.

Hayleys Advantis Limited, the transport and logistics arm of Sri Lanka’s Hayleys Group, will operate the facility.

Hayleys is the first Sri Lankan-listed company to cross $1 billion in turnover in fiscal year 2017/18.

Container volumes in Kizad are expected to grow exponentially from 1.5 million twenty-foot equivalent units (TEUs) to 8.5 million TEUs over the next five years.

Abdul Lathif, managing director, Trustworthy.ae Group, said: “Under the steadfast guidance of our chairman 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,” he said.

“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.

Samir Chaturvedi, chief executive officer, Kizad, said: “We are delighted that Trustworthy.ae is setting up at Kizad.”

“This new container freight station will form an integral part of our thriving ecosystem at the industrial zone, which already offers world-class infrastructure, free zone and industrial zone solutions, dedicated investor support, and a strategic location with access to regional and international markets,” he said.

Hayleys PLC 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.”

“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,” he added. – TradeArabia News Service




Tags: | Invest | Kizad | $100 million |

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