China’s East Hope Group conglomerate is exploring a $10 billion industrial investment with Khalifa Industrial Zone Abu Dhabi (Kizad) in the United Arab Emirates as the Gulf state seeks to become the leading Middle Eastern partner for China’s Belt and Road Initiative (BRI), reported the Financial Times.
The East Hope Group said it was working with Kizad on a feasibility study for a three-phase, 15-year development at the port facility located near the UAE capital’s border with Dubai.
“This project will become the benchmarking project along the Belt and Road Initiative between the UAE and China,” said Liu Yongxing, chairman and founder of East Hope Group.
The UAE, which is trying to diversify its economy away from oil, has expressed its interest in becoming a hub on the “New Silk Road” by promoting its infrastructure and strategic location as a natural fit for China’s drive to enhance trade with Europe and Africa through see and land routes.
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