UAE-based Excel Astra Engineering Construction has signed a 50-year lease agreement with Khalifa Economic Zones Abu Dhabi to set up a fabrication facility within the Kezad premises, said in a report.

Excel Astra plans to invest approximately AED20 million ($5.4 million) to build the facility on approximately 45,000 sqm of land in Kezad Al Ma’mourah, reported Wam.

The facility will leverage on the collective expertise of Kezad and Astra to accelerate growth in the industry sector while creating jobs and providing products and services to the country’s energy sector.

The company sees the creation of around 400 new jobs, and a sales potential of over AED200 million a year. The company’s “Made in the UAE” products are set to enhance the export potential of the emirate.

Speaking at the signing ceremony, Kezad Group CEO Mohamed Al Khadar Al Ahmed said: “We welcome companies like Excel Astra, that help enhance the vision of our wise leadership to stimulate the growth of our nation’s industrial sector and position the emirate as a global trade hub."

“Kezad always strives to provide an ideal infrastructure to a diverse range of industries, including metal, petrochemicals, oil and gas, food, logistics, and construction materials, with all the benefits of setting up business in Abu Dhabi,” he noted.

Harish Muhammed Bashir, Managing Director, Excel Astra Engineering and Construction Group, said: “The signing of the comprehensive agreement shows the shared vision and commitment of both organisations towards fostering growth and development, which will add to the ‘Make it in the Emirates’ initiative.”

The facility is likely to source AED80 million worth of goods and services from the local market annually, thereby strengthening the local economy, he noted.

The strategic position of the fabrication yard will help Excel Astra compete globally in the manufacturing sector, remarked Bashir.

Its partnership with global companies will also help in bringing expertise and will contribute to the fabrication of value-added products, thus supporting the industrialisation of the entire Mena region, he added.-TradeArabia News Service