The Khalifa Industrial Zone Abu Dhabi (Kizad) spread over 417 sq km near Abu Dhabi is keen to attract Indian companies in metals, petrochemicals and pharmaceuticals sector for setting up their units.

Kizad, which is a part of Abu Dhabi Ports Company (ADPC) and controlled by the UAE Government, is offering a series of sops including complete income tax and customs duty holiday, 50 year-long bankable agreements, zero restriction profit repatriation and power tariffs at Rs 1.80 a unit to the companies.

Industry sources said that Kizad management, which is doing its road shows in Mumbai for promoting the zone, have already held preliminary talks with two of the largest industrial groups in India for setting up their units there.

Kizad is located between Abu Dhabi and Dubai and in close proximity to the Khalifa deepwater seaport. The industrial zone is currently offering sea, air and road connectivity, while rail network is under construction.

Mr Khaled Salmeen, Executive Vice-President of Industrial Zones at ADPC, told mediapersons on Wednesday that Kizad is a cornerstone of the Abu Dhabi's economic vision 2030, which aims at diversifying the economy and making it less dependent on revenues from oils and gas business.

“In 2008, our economy was $104 billion and by 2030 we want to grow it to $416 billion, where manufacturing would be an important component of the economy,” Mr Salmeen said.

Kizad's phase I, which is spread over 51 sq km has already been launched with an investment of about $7.2 billion. Foreign companies can set up units with the help of joint ventures or they could set up their own 100 per cent subsidiary.

Mr Salmeen added that Kizad has already tied up with HSBC for debt financing and it is also in the process of tying up with Indian banks for the same.

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