To Boost Foreign Investments into the UAE

26/09/2017 14:33 AST

In a move that would support and reinforce the UAE’s consistent endeavor to enhance FDI flows into the country, Ajman Free Zone (AFZ) today announced that it has started offering corporate re-domiciliation services to global offshore companies in its premises.

In a statement, AFZ said its re-domiciliation facility comes at a time when there is an increasing trend among corporate entities to move their base to more investor and tax-friendly destinations and the UAE offers an ideal option to relocate to with its business-friendly environment.

“Corporate re-domiciliation facility is a strategic step to enhance foreign investments into the country and we believe AFZ with its cutting-edge investment facilitation services offers the right platform for corporate entities across the world to move in while keeping their assets and legal identity intact for reasons of operational, regulatory and stakeholder transparency,” said Mr. Mahmood Al Hashemi, Director General, AFZ.

He said AFZ has already started receiving keen interest from companies currently domiciled in global offshore locations scouting for a comparatively flexible and conducive business environment.

“The AFZ corporate re-domiciliation services complement the overall vision of the UAE to attract increased inward FDI flows to boost the economy. By widening our investment canvas across the globe as well as to regional and local onshore markets, the thrust is to accelerate the free zone’s growth and pro-active vision,” Mr. Mahmoud said.

The target markets for AFZ in corporate re-domiciliation services are across all global offshore locations that wish to relocate to more competitive markets.

“The new service is an integral part of AFZ’s strategy to woo foreign investments and coupled with our accelerated drive to set up more hub offices in global locations, our mission is to attract more overseas investments into the UAE which will in turn support national economic growth” said Mr. Faisal Al Nuaimi, AFZ Deputy Director General.

“While the new services are largely meant for global offshore companies, it is not limited to those geographies alone and companies that have an offshore base in the local market can also avail the AFZ advantage,” he said, adding that the pioneering investment-friendly steps taken by the free zone will add to the attraction for global corporate entities wanting to re-domicile to the UAE.

Explaining the corporate re-domiciliation steps to register with AFZ, Mr. Rishi Somaiya, Sales Director, AFZ said transparency and good conduct by companies wishing to relocate to the free zone was an imperative.

“Companies need to produce a good standing certificate from authorities at the outgoing jurisdiction. A board resolution by the existing company which intends to re-domicile is also necessary,” he said, adding that those companies with no up-to-date accounts and having an ongoing legal process in the existing jurisdiction may not be able to relocate.



About Ajman Free Zone

Ajman Free Zone (AFZ) was established in 1988, leading to massive industrial development in Ajman by attracting a great number of companies to benefit from the investment privileges, thereby strengthening industry and economy in the UAE. AFZ provides competitive privileges and facilities allowing companies to get a considerable return on their investment. AFZ continues to develop its infrastructure, spending millions of Dirhams along its free zone area of more than one million square meters. The strategic location advantages of AFZ include reach to international airports within 25 minutes.


Press Release

Ticker Price Volume
QNBK 137.89 130,508
QIMD 44.00 4,213
EACCO 27.40 60,779
SABIC 106.39 2,885,717
TABREED 1.92 1,158,788
SAAC 8.18 1,837,342
ARNB 27.93 36,681
U.A.E. to Postpone Changes to How It Calculates Key Rate

18/01/2018

The United Arab Emirates central bank’s plan to change the way a key interest rate used to price debt is calculated has been postponed, according to two people familiar with the matter.

Fo

Bloomberg

Contract signed for work on world's tallest skyscraper in Jeddah

18/01/2018

Real estate developers seeking to build the world’s tallest skyscraper in Jeddah have signed a 620 million riyal ($165 million) contract for infrastructure work at the site, signalling the project wi

Reuters

Addressing water efficiency key to GCC chemical producers

18/01/2018

Water scarcity is not just a global but also important regional concern, and part of UN Sustainable Development Goals. Albeit abounding in rich hydrocarbon reserves, the Arabian Gulf is dominated by

Saudi Gazette

Corporate governance law to attract more investors to Saudi market

18/01/2018

Amid all the fast-paced procedures taken by the Kingdom’s different authorities to create an attractive atmosphere for investors, one of these steps taken was the issuance of the new “corporate gover

Saudi Gazette

Qatar market dragged down by No. 2 bank

18/01/2018

Gulf stock markets were mixed on Wednesday with Masraf Al Rayan, Qatar’s second-largest bank by market value, pulling the Qatari stock index 0.2 percent lower.

Shares in Masraf Al Rayan sank

Arab News