Chinese group eyes $10bn industrial investment in UAE | Financial Times:
A Chinese conglomerate is exploring a landmark $10bn industrial investment in the United Arab Emirates as the Gulf state seeks to become the leading Middle Eastern partner for China’s Belt and Road Initiative.
The UAE, which is trying to diversify its economy away from oil, is keen to become a hub on the “new Silk road” by promoting its infrastructure and strategic location as a natural fit for China’s drive to enhance trade with Europe and Africa via sea and land routes.
The East Hope Group conglomerate said it was working with Khalifa Industrial Zone Abu Dhabi, or Kizad, on a feasibility study for a three-phase, 15-year development at the port facility located near the UAE capital’s border with Dubai.
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