ZonesCorp and Ittihad Investments signs Dhs.1 billion contract
Posted on 10th April 2014
ZonesCorp signed a ground-breaking deal with Ittihad International Investment at the Hannover Messe Industrial Fair yesterday for establishing the region’s first uncoated wood-free printing & writing paper mill targeting consumers in the MENA Region. Ittihad International Investments has already seven industrial units within ZonesCorp’s Industrial City spreading over a total area of 220,000sq.m. The new project will be situated in ZonesCorp’s ICAD II site and will further strengthen the existing paper cluster.
The Dhs. 1 billion project, which will have an annual capacity of 600,000 tons spread over two phases, will generate employment for nearly 200 people, and be spread across 230,000 sq metres of prime industrial real estate.
HE Mohamed Hasan Al Qemzi, Chief Executive Officer at ZonesCorp said, “The Ittihad facility is a hugely important addition to our paper manufacturing cluster and for Abu Dhabi. It is not only a high quality business that will compete on a global scale, but it has attracted commitments from Ittihad’s upstream partners such as calcium carbonate and starch producers who have committed to move to the cluster adding another AED 100m in new investment".
Amer Kakish, Chief Executive Officer of Ittihad Investment said, "We are extremely excited to be partnering with ZoneCorp on this project. The ZonesCorp cluster provides us with fantastic opportunities for synergies up and down the value chain in addition to the first class infrastructure that allows us to compete on a truly global level."Back to all Construction News
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