Al Masaood Oil & Gas signed a Mustaha Agreement Contract with the Higher Corporation for specialized Economic Zones (ZonesCorp) for the launch of Al Masaood Oil & Gas City project, following to the announcement during ADIPEC 2018.
The project consists of 300 thousand square land in ICAD, involving a 250 million dirhams investment during first quarter of 2019, with the objective of creating opportunities logistics services for the oil and gas industry as well as localized manufacturing facilities. The future land will accommodate full pledged offices, warehouses, workshops, training centre, catering area, accommodations, showrooms as well as jetty berthing facility.
The project aims the attraction of foreign investments in the oil and gas industry, by creating incentives for foreign companies to establish manufacturing facilities in the UAE, in place with the In-Country Value Program (ICV) driven by ADNOC, with a main target of adding more value to the local economy and the private sector in the UAE.
The signing ceremony was held by Saeed Eisa Al Khyeli (Director General, ZonesCorp) and HE Masaood Rahma Al Masaood (Vice-Chairman, Al Masaood Oil & Gas).