Kizad Group concludes a Musataha agreement with Jotun Abu Dhabi to establish a facility worth 450 million dirhams
ABU DHABI, 15 JANUARY / WAM / Khalifa Economic Zones Abu Dhabi – Kizad Group, one of the largest operators of integrated and specialized economic zones in the region, signed a 50-year Musataha agreement with Jotun Abu Dhabi to establish a new industrial facility in the ICAD – Kizad Musaffah area worth AED 450 million.
Under the agreement, Jotun Abu Dhabi, a subsidiary of Jotun, the leading international company in the paints and coatings industry, will allocate an investment worth 450 million dirhams to establish an advanced industrial facility on an area of 83,177 square metres.
This investment represents the beginning of a major expansion phase of the company’s business, which will move from its current facility, which has an area of 22 thousand square meters, to the new facility. The project is expected to provide about 200 job opportunities within Kizad.
Abdullah Al Hameli, CEO of Economic Cities and Free Zones at Abu Dhabi Ports Group, said: “We are pleased to witness the expansion of Jotun Abu Dhabi and the strengthening of its presence within the rapidly growing industrial facilities in Kizad. Kizad Group will continue to develop world-class infrastructure that supports the growth of the building and construction sector in the region. Based on the vision of our wise leadership and our role as a global center for manufacturing, we affirm our commitment to strengthening the construction sector in the Emirate of Abu Dhabi.”
For his part, Sven-Johan Stubb, General Manager of Jotun Abu Dhabi, said: “This expansion represents a turning point in Jotun Paints’ journey in the Emirate of Abu Dhabi, and reflects our firm commitment to strengthening our presence in the emirate. We are confident that our work within the Kizad industrial system allows us to benefit from an integrated business environment and enhances our ability to provide customized solutions that meet market requirements and contribute to supporting the growth of the construction, real estate and energy sectors in the region.”
It is worth noting that the paints and coatings manufacturing sector in the region is witnessing rapid growth, driven by the strong momentum in the construction sector and building and urban development projects in the country. The sector is expected to attract more investments that will expand its future growth horizons and increase its contribution to the non-oil national economy.
Jotun Abu Dhabi’s expansion into Kizad is an important step in this direction that will contribute to accelerating the growth of the sector in the region.
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