An industrial cluster zone – the first in Abu Dhabi – was launched yesterday and is expected to attract Dh15 billion of investment.
Plans for Polymers Park, an area free of tax and custom duty, were presented by the Abu Dhabi Basic Industries Corporation (Adbic), a subsidiary of the government-owned General Holding Corporation.
The park will convert locally available polymer resin into value-added plastic products such as bottles, pipes, containers and accessories used in marine vessels.
The project was unveiled at Abu Dhabi National Exhibition Centre in the presence of General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the emirate's Executive Council. The inauguration ceremony was attended by senior government officials, diplomats, sheikhs, industrialists and executives.
A model of the project was on display and after a briefing by senior Adbic officials guests were taken on a tour of the large site.
The park, which will have more than 50 units, is being built at the Industrial City of Abu Dhabi III in Mussafah.
"Abu Dhabi is strategically focusing its resources on diversifying its economy and building a strong manufacturing base," said Adbic Chairman Hussain Jassem Al Nowais. "Adbic acts as a catalyst in establishing an industrial base that will compete internationally, and Polymers Park is a prime example of this initiative."
Abdullah Saeed Al Darmaki, Adbic's vice-president for petrochemicals, told Emirates Business the project was intended to develop the local petrochemical industry in order to reduce dependence on import of goods produced with raw materials exported from Abu Dhabi.
"Abu Dhabi is uniquely placed to become a world centre for plastics conversion with ready access to raw materials and export routes," he said. "By launching this park we plan to extend the local value chain for petrochemicals and encourage innovation in end-product plastic manufacturing. Polymers Park will serve as a haven for developing talent in the local plastics industry by providing technical and vocational training to complement the work of our local educational institutions."
Chief Operating Officer Dr Jim White said the Polymers Park's first tenant would be Low and Bonar of Belgium, which plans to set up a plant in partnership with Adbic to produce plastic grass and other products.
And he revealed that another Adbic cluster, Metal Park, would be launched within 12 months. "It will be a much bigger project with a high-capacity smelter and other metal manufacturing plants," he said.