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Dubai's Trustworthy to invest AED 367m in KIZAD

Dubai's Trustworthy to invest AED 367m in KIZAD
The Dubai-based commercial and industrial real estate firm is looking to develop an inland container depot

Abu Dhabi — Mubasher: Trustworthy.ae Group announced plans to invest AED 365 million in the Khalifa Industrial Zone Abu Dhabi (KIZAD), which is one of the largest industrial zones in the Middle East and a subsidiary of Abu Dhabi Ports (ADP).

The Dubai-based commercial and industrial real estate firm is looking to develop an inland container depot, third party container freight station, along with various other port-related services within the zone, according to an official statement.

Under a deal signed with the KIZAD, Trustworthy.ae will construct a 1.4 million square feet area and is scheduled to begin in January 2019. The work is set for completion in June 2019.

Trustworthy’s new facility will be operated by Sri Lankan-listed Hayleys Advantis Limited, which generated a revenue of as much as $1 billion in fiscal year 2017/2018.

The container sizes are projected to increase over the next five years from 1.5 million 20 foot units to 8.5 million, Trustworthy noted.

“The potential growth in container volumes over the coming years in KIZAD implies the need to build an integrated facility within the port and together with our partners we will provide services such as container handling, repairs and maintenance,” Trustworthy.ae managing director Abdul Lathif said.