Dubai Food Park, China firm sign Dh1.35B deal

dubai — Dubai Food Park on Saturday said it signed a Dh1.35 billion investment agreement with Ningxia Forward Fund Management Company to build a ChinaUAE Food Industrial cluster in Dubai — a strategic agreement that will significantly consolidate China’s stake in the burgeoning Middle East food industry and further expand bilateral relations.

Abdulla Belhoul, chief executive officer of Dubai Wholesale City, and a representative from Ningxia Forward Fund Management Company signed the agreement on the sidelines of the third edition of the China–Arab States Expo in China’s northwest autonomous region Ningxia’s capital Yinchuan.

Spanning an area of 4.38 million square feet, the China-UAE Food Industrial cluster will be home to 30 food plants, including two Chinese catering companies and two advanced manufacturing plants for food packaging materials. The project is scheduled for hand over 24 months from date of commencing its construction.

The project will ultimately comprise six major components: meals processing, packaged food processing, cold chain storage, production of food packages, ecommerce and commodities exhibition and bio-safety disposal of wastewater and wastes.

Abdulla Al Habbai, chairman of Dubai Holding said: “Through this new synergy, we aspire to cement long-standing relations with China to ensure the sustainable development of both our countries.”

— business@khaleejtimes.com