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Free Zones Of UAE
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- Dubai Logistics City (DLC)
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- Dubai Outsource Zone (DOZ)
- Dubai Silicon Oasis (DSO)
- Dubai Studio City (DSC)
- ENPARK
- International Media Production Zone (IMPZ)
- Intl. Humanitarian City (IHC)
- Jebel Ali Free Zone (JAFZA)
- TechnoPark (TP)
- Hamriyah Free Zone (HFZ)
- Sharjah Airport International Free Zone (SAIF-Zone)
- RAK Free Trade Zone Authority (RAKFTZ)
- RAK Investment Authority (RAKIA)
- RAK Maritime City (RAKMC)
- Fujairah Free Zone (FFZ)
- Ahmed Bin Rashid FZ (ABRFZ)
- Ajman Free Zone (AFZ)
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UAE Freezones Biz News Updates
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Dubai may ease restriction for foreign investors
Dubai, seeking to attract more investment, may let citizens from five other
Gulf Arab countries establish businesses along with foreign partners but
without having to include domestic investors, the government said.
The Department of Economic Development has formed a committee to study
applications from nationals of the Gulf Cooperation Council and will
evaluate them based on how valuable the projects are to Dubai's economy, the
department said in a statement seen on Sunday.
Currently foreign investors in Dubai and the larger UAE can hold only
minority stakes in companies and must have a local partner, except for
so-called "free zones" where 100 percent foreign ownership is allowed.
Relaxing this restriction could be an important economic reform for Dubai,
giving foreign investors more flexibility to find partners from the GCC's
six nations instead of having to choose from a small pool of qualified UAE
citizens.
The GCC, comprising the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman,
is a loose political and economic association of Gulf Arab oil exporters.
Dubai, recovering from a 2008-2010 corporate debt crisis and property market
collapse, is eager to lure more foreign capital. In one initiative announced
early this month, the emirate said it would revise regulations to become a
regional center for Islamic finance and other Islamic businesses.
Government officials could not be reached on Sunday to comment on the
statement, and it was not clear how actively the new policy would be
applied, or whether it might conflict with the UAE's national regulations.
The UAE's central government has for years been working on legislation that
would in some cases let the cabinet approve 100 percent foreign ownership in
firms outside free zones.
But Economy Minister Sultan bin Saeed al-Mansouri told Reuters this month
that the draft law still needed to be debated by the Federal National
Council, an advisory panel, and the cabinet.
Foreign direct investment projects totaling $4.5 billion in capital spending
were announced in Dubai during the first half of last year, up 7 percent
from a year earlier, according to official data.
27 Jan 2013 |
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Courtesy FOX News Network, LLC
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