Abu Dhabi's Khalifa Industrial Zone said it attracted investment worth Dh55 million from one of India's leading plastics manufacturing companies, which is building a new facility at the zone’s polymers park.
The industrial free zone's operating company signed an agreement with Hyderabad-based Shrinath Flexipack to build its first factory in the Middle East in the area.
The greenfield manufacturing facility will act as a base to serve the company's clients in the Middle East, as well as the African and European markets.
Shrinath Flexipack, which has an annual sales turnover of $150m, plans to manufacture stretch and cling films on-site.
“A packaging company like Shrinath Flexipack setting up in the Kizad polymers park shows the true value of our cluster-based approach, which enables companies within the zone to benefit from each other’s products and services in close proximity, leading to lower cost of production, faster production cycles and quicker shipment to market," said Khalid Al Marzooqi, commercial director at Kizad.
Kizad's access to the deep-water Khalifa Port would help the Indian manufacturer with its imports and exports out of the emirate.
The investment is the latest by a manufacturer at the Abu Dhabi industrial zone, following on from a facility set up by a healthcare firm to manufacture masks and bottles of sanitiser.
Around 50,000 masks and 48,000 bottles of sanitiser are being produced on a daily basis by VPS Healthcare and will be supplied to government offices, the free zone said last month.
Abu Dhabi Ports, which operates Kizad as well as the Zayed and Khalifa Ports, also signed an agreement last month with Saudi Arabia-based Arabian Chemical Terminals to develop a greenfield commercial bulk liquids storage terminal at Khalifa Port.
The storage terminal will be the first to handle liquid products and gas at the deepwater port.
The bulk liquid terminal will be developed on a 50,000 square metre plot of land adjacent to a 16 metre deepwater quay access. The development will have the option to use an additional 150,000 square metres of land.
The project will be completed in two phases, with the first stage - comprising 44 storage tanks set for completion in the second half of 2022. The storage tanks will have capacities of 1,250 and 3,000 tonnes each.
The second phase of expansion at the terminal will comprise a larger number of industrial storage tanks and spheres, Abu Dhabi Ports said.
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UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
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Saturday
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Global state-owned investor ranking by size
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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