January 22, 2019 / 11:44 AM / a year ago

China’s Roadbot plans $614 million tire plant investment in Abu Dhabi

ABU DHABI (Reuters) - Chinese tire manufacturer Roadbot is setting up a plant in Abu Dhabi with an investment of 2.2 billion dirhams ($614 million), in another sign of China’s growing economic links with the United Arab Emirates.

Abu Dhabi, the capital of the United Arab Emirates, is investing billions in industry and tourism and attracting foreign firms to set up industries to diversify its economy away from oil.

The plant is being built at the China-UAE Industrial Capacity Cooperation Demonstration Zone within the Khalifa Industrial Zone Abu Dhabi (Kizad), the emirate’s industrial hub and part of Abu Dhabi Ports, said a statement from Abu Dhabi Ports.

Roadbot will be joining some 19 Chinese companies that have signed agreements to invest $1 billion in the demonstration zone, Abu Dhabi Ports Chief Executive Mohamed Juma al Shamisi said in the statement.

The facility will have an initial production capacity of three million passenger car radial tyres and one million truck and bus radial tyres. It will be fully operational by October 2020.

Production of passenger car tires will be increased to 10 million by 2022.

Reporting By Stanley Carvalho; editing by Emelia Sithole-Matarise

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