Chinese investment business Ningxia Forward Fund Management Company has signed a deal with Dubai Holding to pump US$367m into its planned food hub in Dubai.
The hub will now include a Chinese food processing cluster.
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Dubai Holding launched its US$1.5bn Dubai Food Park scheme in July. It is intended to build on the United Arab Emirates state’s position as a regional hub for foodstuffs and food re-export.
The deal with Ningxia was signed at the recent Arab States Expo in China’s north-west Ningxia region.
The food park consists of areas for processing meals and packaged foods, as well as temperature-controlled supply-chain storage and food packaging production.
The site, spanning an area of 4.38m sq ft will house 30 food plants, two Chinese catering companies and two food packaging manufacturing plants.
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By GlobalDataThe construction of the food hub is expected to take two years.
Dubai Holding chairman Abdulla Al Habbai said: “The partnership between Dubai Food Park and China’s Ningxia Forward Fund Management Company reflects the global interest in entering Dubai and the UAE markets to benefit from the country’s world-class ground, marine, and aerial infrastructure as well as its strategic location at the crossroads between East and West.
“Through this new synergy, we aspire to cement long-standing relations with China to ensure the sustainable development of both our countries.”
