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UAE Freezones Biz News Updates
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UAQ Free Trade Zone, a shining star in UAQ economic horizon
From humble beginnings in late 2014, the Umm Al Qaiwain Free Trade Zone (UAQ
FTZ) has progressed dramatically in this bustling emirate with investors
leapfrogging from a few hundred to over 2,500 licenses till date.
Under the patronage of H.H. Sheikh Saud bin Rashid Al Mu'alla, Supreme
Council Member and Ruler of Umm Al Qaiwain, and Sheikh Rashid bin Saud bin
Rashid Al Mu’alla, Crown Prince of Umm Al Qaiwain, the free zone has
undergone a complete infrastructure makeover – both physically and
digitally.
UAQ FTZ has ushered in a wide gamut of players, from FMCGs, IT companies and
specialised consultancies to precious metals, jewellery and auto spare part
sellers into its ranks.
"Once Phase 2 comes to fruition, the free zone will function as an
independent industrial city with amenities for its employees and residents
like a hospital, shopping centres, a school, a hotel and even an exhibition
and convention centre, thereby promoting the ‘walk to work’ concept.
Renewable energy, education, health, technology, water and space will be the
primary target industries" said Sheikh Khalid bin Rashid Al Mualla, Chairman
of Port, Customs and Free Zone Corporation of Umm Al Qaiwain.
2015 was the ‘Year of Innovation’ in the UAE and since then, UAQ FTZ has
made confident strides in that aspect by stimulating more white collar
businesses like IT companies, back offices, call centres, R&D centres, etc.
into the free zone. Facilities like online submission of company formation
documents and automated licencing will also be made possible soon.
Sultan Saeed Sultan Al Ali, Executive Director of Ports, Customs and Free
Zone Corporation, Umm Al Qaiwain, said, "This has been possible because of
the Foreign Direct Investment from countries like India, UK, and France, and
from the others in the Asian subcontinent. This year, we have had an
incredible run with over 1,500 new business licences issued in the free
zone, and having participated in several marketing activities in the BRICS
countries (Brazil, Russia, India, China and South Africa) in 2016.
Johnson M. George, General Manager of Umm Al Qaiwain Free Trade Zone
Authority UAQ Free Trade Zone, said, "UAQ FTZ has enjoyed a success-brimmed
2016. The proximity to ports and UAQ’s super-reasonable costs of living and
of doing business are sure to bring in more numbers in the coming years.
There is no doubt that the free zone is on an upward trend and will
contribute more to UAE’s healthy economy.''
''Our success has stemmed from our promise of easy-access, one-to-one
interactions with investors, who we regard as partners, in setting up their
businesses and being there at every step to service their requirements.
Facilitating quick company set up through minimal documentation and fewer
procedures to complete for clients, without compromising on compliance, has
been our modus operandi since our inception. Once word spread about our
investor-friendly system, the numbers picked up and we upped our services
ever further. Micro-businesses and freelancers have also come to us in good
numbers because of Umm Al Qaiwain’s pocket-friendly costs of living and
healthy business opportunities," he added.
December 19, 2016 |
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Courtesy Dubai Media Incorporated
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