Abu Dhabi Airports Company (ADAC) has announced that it has inked a joint venture agreement with Helios SinoGulf Property Development.

The company has entered into this JV in order to develop a logistics and business park under free zone regulation adjacent to Al Ain International Airport.

According to sources, the first phase of development will attract an investment of Dh900 million, which is slated to be finalized by fiscal 2010-end.

The sources further added that the development will entail office space, distribution centres, light industrial units, freight forwarding stations and supporting facilities in a business park, that will cater to the needs of air cargo, aerospace, and related industries.

(via Topnews Arab Emirates. Contributed by Rehan Rachid)