Khalifa Industrial Zone Abu Dhabi (Kizad) launched a Polymers Park, which is planned to be a manufacturing base for the downstream plastics industry. The Park will attract $1.5 billion in foreign direct investment over the next four to five years.

Situated in Abu Dhabi, the Park is set to produce 300-400 kilo tones of plastic products per year and will create up to 7,000 new jobs. This is a part of the UAE’s plans to increase the manufacturing capacity within the country, with a focus on the petrochemicals sector, which relies on petroleum products.

Samir Chaturvedi, chief executive officer of Kizad, said polymers is “one the fastest growing segments globally,” with plastic in virtually everything from cars to infrastructure. It is also expected any plastic products from consumer products to vehicle parts to be made at the Park.

“This project aims at bringing manufacturing capability at the dorr step of UAE market so we can make the final product here and retain the value creation inside the UAE and export the finished product,” he told reporters.“UAE is one of the leading petroleum producers and Borouge is one of the top polymers manufacturers in the world. Its material is supplied to companies globally where they create products, all the way from China, Europe, US,” he said.

“Our aim is that instead of exporting the raw material all around the world, try to bring in the large companies who can create conversions and more value creation within the UAE.”

Chaturvedi mentioned that Kizad’s location by Khalifa Port will make exporting products manufactured at the Polymers Park cheaper and more efficient.The announcement was made less than a month after Abu Dhabi Ports, which operates Khalifa Port, inaugurated a new Cosco Shipping Ports container terminal that is expected to boost trade with China.

This terminal in turn is the result of a deal between Abu Dhabi Ports and China’s Cosco Shipping Ports.