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UAE Freezones Biz News Updates
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‘Onshore’ licence for twofour54 companies operating outside freezone
Her Excellency Maryam Eid Al Mheiri, CEO of the Media Zone Authority – Abu
Dhabi and twofour54
A new agreement between Media Zone Authority – Abu Dhabi (‘MZA’) and Abu
Dhabi Department of Economic Development (‘DED’), allows firms within the
media free zone to apply for a DED branch licence in addition to their
existing free zone licence, without the need to have a second additional
onshore office or premises.
Production house, Media Mania and creative communications agency, All About
Brands, both based within media free zone, twofour54, have become the first
firms to avail of the ‘onshore’ licence.
twofour54 is reportedly encouraging and supporting partners through the
process to enable them to take advantage of this new commercial opportunity.
MZA, the authority regulating twofour54 said the licence helps firms freely
carry out their commercial activities as well as take part in more tenders
for government and semi-government entities, helping connect the private and
public sectors in the emirate.
Speaking about the implications of the agrement, His Excellency Khalifa Bin
Salem Al Mansouri, Undersecretary of the Department of Economic Development,
said: “Allowing firms registered with twofour54 to conduct business outside
of the free zone will strengthen direct foreign investment in Abu Dhabi.
“We are working with other government agencies to attract higher value
investments to the emirate, and changes to the license structure is one of
the ways we can make it easier for people to come here and set up their
business.”
Her Excellency Maryam Eid Al Mheiri, CEO of the Media Zone Authority – Abu
Dhabi and twofour54, said: “At twofour54, our partners’ success is our
success and we will continue to support them as we help foster Abu Dhabi’s
rapidly growing media industry.
“This agreement with DED illustrates how our partners’ needs are at the
forefront of everything we do as we strive to create a unique and vibrant
media ecosystem of which the UAE is proud.”
Ronald Daou, General Manager of Media Mania, which describes itself as a
“one-stop solution” for all media needs, said the new licence will allow
Media Mania to grow even further.
“We are proud to be one of the first companies at twofour54 to get this
licence,” he said. “We believe that this will open doors to new
opportunities for Media Mania, particularly when it comes to working with
government entities.
“It will allow us to remain part of the close-knit community of firms at
twofour54, from start-ups to international names, and yet be even more
connected to the government as well.”
A number of other firms at twofour54 are reportedly following the lead of
Media Mania and All About Brands by applying for the license.
February 18, 2018 |
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Courtesy CPI Trade Media
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