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: Free Zones in the UAE |
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Jebel Ali Zone
Free Zone
[JAFZA] |
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Jafza invests $600m in US
Dubai is investing $600m in one of the poorest counties in the US to set up a manufacturing and distribution complex that would serve as a major logistical hub for North America, said a media report.
According to the Financial Times, the long-term aim, is to take advantage of a new generation of larger merchant ships passing from Asia through the soon to be widened Panama Canal and docking at ports such as Charleston and Savannah, seen as future primary gateways to the US. The project is being handled by Jafza, which has bought land in South Carolina's Orangeburg County.
Parts of South Carolina are so underdeveloped that the area has been dubbed the US' "corridor of shame".
So far the Orangeburg project has not provoked significant opposition. Jim Clyburn, Democratic congressman for the district, told The State newspaper in South Carolina that support for the plan was "overwhelming". When Jafza bought 1,300 acres of land in the area in October, its first acquisition in the US, the company said it planned to invest about $600 million to create a world-class logistics and business park that would include light manufacturing, warehousing and distribution facilities.
"Jafza's long-term strategy is to develop a global logistics platform, and Orangeburg is one more major step in that direction," said Salma Hareb, Jafza's chief executive officer. The project aims to create 8,000 to 10,000 jobs and to attract further private investment of $1.2 billion. |
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Courtesy Khaleej Times
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Hot
properties in UAE - Freehold |
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