10th Dec, 2018
Dubai-based Trustworthy.ae Group plans to invest Dhs365 million ($100 million) in Khalifa Industrial Zone Abu Dhabi (KIZAD), one of the largest industrial zones in the Middle East and a subsidiary of Abu Dhabi Ports, to develop an inland container depot (ICD), a third-party container freight station (CSF) and other port-related services over the next five years.
Future investments will entail the development of engineering services, third-party logistics, marine services, retail and hospitality.
Construction on the container freight station and inland container depot, which will be developed on a 1.4 million square feet land plot, will commence in January 2019 and is set to become operational by June 2019.
Hayleys Advantis Limited, the transport and logistics arm of Sri Lanka’s Hayleys Group, will operate the facility. Hayleys is the first Sri Lankan-listed company to cross $1 billion in turnover in Fiscal Year 2017/18.
Container volumes in KIZAD are expected to grow exponentially from 1.5 million twenty-foot equivalent units (TEUs) to 8.5 million TEUs over the next five years.
“Under the steadfast guidance of our Chairman Sheikh Maktoum Bin Hasher Bin Mana Al Maktoum, it is our honour and privilege to invest and be part of KIZAD. Our state-of-the-art inland container depot and container freight station will provide world-class and most reliable services to our clients across various industries,” said Abdul Lathif, Managing Director, Trustworthy.ae Group.
“The potential growth in container volumes over the coming years in KIZAD implies the need to build an integrated facility within the port and together with our partners we will provide services such as container handling, repairs and maintenance,” he added.
Samir Chaturvedi, CEO, KIZAD, said: “We are delighted that Trustworthy.ae is setting up at KIZAD. This new container freight station will form an integral part of our thriving ecosystem at the industrial zone, which already offers world-class infrastructure, free zone and industrial zone solutions, dedicated investor support, and a strategic location with access to regional and international markets.”
Commenting on the occasion, Hayleys Chairman Mohan Pandithage said: “As the leading logistics solutions provider in Sri Lanka, Hayleys Advantis Limited is happy to enter into this landmark partnership with Trustworthy.ae Group, stepping into the Middle East market after having already established its presence in over ten countries.”
He added: “It gives us great pride to represent and work with many of the large shipping and freight companies in the world and we look forward to a fruitful partnership with Trustworthy.ae Group to build a world-class operation in KIZAD using our diverse and in-depth expertise.”
Building on the foundation of integrity and fairness, Trustworthy.ae has evolved into a trusted name in the investing arena in the UAE. The start of the new millennium in 2001 marked our origins, and over time, the confidence of key figures in the UAE market, as well as across the GCC, grew reassuringly. Today, across commercial and industrial real estate, investment management and further afield, our unique competencies help us raise and channel investments into exclusive, high-yield ventures.
Hayleys Advantis: Hayleys Advantis Limited – (ADV) holds the transportation and logistics interests of the Hayleys Group, a public listed company with 140 years of Heritage and a diversified multinational conglomerate, which occupies a premier position in the Sri Lankan economy. It is the first public listed company in Sri Lanka to cross revenue of $1billion in Fiscal year 2017/18.
Thomson Reuters Projects