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Sunday, 14 November 2010

Capital free zone to allow investors 100% ownership

Abu Dhabi Ports Company (ADPC) has received approval to create the first industrial free zone in the capital with 100 per cent ownership available to foreign investors.

The Khalifa Industrial Zone Abu Dhabi (KIZAD), which is in Taweelah near the border with Dubai, joins a small but growing list of free zones in the capital as the Government seeks to spur foreign investment and diversify the economy.

The industrial zone, which was known as the Khalifa Port and Industrial Zone until its renaming yesterday, received approval for free-zone status from the Abu Dhabi Executive Council on Thursday. However, the ADPC said it would operate the zone with a dual structure and offer ownership to foreign companies only in cases where proposed projects benefited Abu Dhabi's strategic economic objectives.