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By Megha Merani
March 30 (TRPN) - Abu Dhabi-owned industrial zones developer ZonesCorp has finalized the master plan for its new automotive-focused Rahayel City project in the emirate and is looking to attract investors with incentives such as exemptions on import and export tariffs, a company executive said.
The 12.3-square-kilometre community has been designed to accommodate auto-related businesses such as showrooms, service centres, workshops, auction houses, warehouses, light industry and manufacturing.
"The master plan has been finalised and approved," the project's executive director Ahmed Ateeq Al Mazrouei told Zawya Projects earlier this week.
The company has invested a total of 1.6 billion dirhams ($435.63 million) in infrastructure works for the project, which is currently underway and expected to be completed by the end of 2017, he said on the sidelines of a press conference at the Global Manufacturing and Industrialisation Summit in Abu Dhabi.
He said investor packages for 1,800 plots of various sizes will be finalized in the coming months.
"We are working on terms and conditions and we will have incentives to encourage the investors in the region to be a part of Rahayel," Mazrouei said. "The incentives include exemptions from export tariffs of 17 countries in the Middle East and North Africa (and) they will get specific rates on (the) import of some of the materials."
The master plan also includes residential areas and public recreational facilities, for which the company is also seeking investors.
The project has been launched in line with the Abu Dhabi government's aim to develop the automotive industry in the emirate.
ZonesCorp is the largest developer and operator of purpose-built industrial zones in the United Arab Emirates, according to their website.
(Reporting by Megha Merani) ((megha.merani@thomsonreuters.com;))
March 30 (TRPN) - Abu Dhabi-owned industrial zones developer ZonesCorp has finalized the master plan for its new automotive-focused Rahayel City project in the emirate and is looking to attract investors with incentives such as exemptions on import and export tariffs, a company executive said.
The 12.3-square-kilometre community has been designed to accommodate auto-related businesses such as showrooms, service centres, workshops, auction houses, warehouses, light industry and manufacturing.
"The master plan has been finalised and approved," the project's executive director Ahmed Ateeq Al Mazrouei told Zawya Projects earlier this week.
The company has invested a total of 1.6 billion dirhams ($435.63 million) in infrastructure works for the project, which is currently underway and expected to be completed by the end of 2017, he said on the sidelines of a press conference at the Global Manufacturing and Industrialisation Summit in Abu Dhabi.
He said investor packages for 1,800 plots of various sizes will be finalized in the coming months.
"We are working on terms and conditions and we will have incentives to encourage the investors in the region to be a part of Rahayel," Mazrouei said. "The incentives include exemptions from export tariffs of 17 countries in the Middle East and North Africa (and) they will get specific rates on (the) import of some of the materials."
The master plan also includes residential areas and public recreational facilities, for which the company is also seeking investors.
The project has been launched in line with the Abu Dhabi government's aim to develop the automotive industry in the emirate.
ZonesCorp is the largest developer and operator of purpose-built industrial zones in the United Arab Emirates, according to their website.
(Reporting by Megha Merani) ((megha.merani@thomsonreuters.com;))
