Saud Salem Al Mazrouei addresses the Tamil Entrepreneurs Forum in Dubai.
Hamriyah Free Zone Authority (HFZA) has reiterated its commitment to provide all necessary means to build the confidence of more than 1,400 Indian companies operating in the free zone in various industrial and commercial sectors.
The authority added, “We spare no effort to provide all facilities, administrative, technical and logistical services that ensure ease of doing business in Sharjah. This is in line with the strenuous efforts of the UAE and India to strengthen the strong economic, trade and investment ties between the two friendly countries.
This was stated during a speech by Saud Salem Al Mazrouei, Director of the Hamriyah Free Zone Authority, at the Tamil Entrepreneurs Forum, organized by the Tamil Entrepreneurs & Professionals Associates, UAE, at the Dubai Holiday Inn hotel.
The forum aims to encourage and facilitate business development for the Tamil speaking community.
In his speech, Al Mazrouei said that the UAE and India have enjoyed strong trade relations for many years and as these relations continue to develop, trade markets are expanding and diversifying.
“On February 18, India and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA) which is being touted as historic in many ways. This agreement will usher in a new era in our bilateral economic relations and it is believed that the Bilateral trade volume will increase from $60 billion to $100 billion in five years,” he added.
Al Mazrouei added that Indian HFZA companies take advantage of the many benefits offered. This includes the strategic location linking East and West, sophisticated infrastructure, unparalleled global connectivity and proximity to the port, which facilitates import and export operations and increases trade.
He added that the free zone also targets companies that want to grow and expand through the availability of industrial and commercial land and free space for future expansions.
“Incorporating the principles and best practices of free trade, free zones in the UAE help boost trade and investment, and facilitate the transfer of skills, knowledge and technology. UAE Free Zones offer 100% foreign ownership, with no requirements for local sponsors or service agents. Business owners can also benefit from 100% repatriation of income and profits and 100% transfer of funds. More importantly, there is a time-limited exemption from all corporate taxes and import and export taxes, and an exemption from all personal taxes,” Al Mazrouei said in conclusion.
DAFZ hosts a European delegation: Dr. Mohammed Al Zarooni, Executive Chairman of the Dubai Integrated Economic Zones Authority (DIEZ), hosted a high-level delegation from the Senate of the European Economy.
The delegation led by Dr. Walter Doring, President of the Senate of Economics, aims to explore future cooperation and investment opportunities offered by the Dubai Airport Free Zone (DAFZ).
The meeting also brought together Amna Lootah, Managing Director of DAFZ, and Dieter Hrthe, Honorary Consul General at the Senate for European Economy, as well as representatives from leading innovative European companies from various sectors.
Al Zarooni said, “With its world-class rate zones, including DAFZ, Dubai Silicon Oasis and Dubai CommerCity, DIEZ offers unique investment opportunities. The three free zones offer an advanced infrastructure, supported by an integrated ecosystem, innovative solutions and a global network of partners. They also offer tax incentives and competitive investment benefits that make them a preferred regional and global destination for all types of investment.
“The three free zones constitute a strategic hub for business and investment, as they are home to more than 5,000 multinationals and international SMEs in various sectors. DIEZ seeks to realize Dubai’s vision of wise leadership, creating a diverse economic market characterized by efficiency and ease of doing business, in order to enhance Dubai’s competitiveness in various economic sectors. This visit highlights a high level of confidence in the DIEZ Economic Zones, a result of their strong track record of supporting business growth and sustainability across multiple sectors. The visit has strengthened mutual economic and investment relations with our partners in European markets,” he added.
For its part, the delegation was pleased with the warm welcome extended to it. Dr. Walter D?ring praised the United Arab Emirates and the Emirate of Dubai for their advanced position in world trade, as a very attractive investment ecosystem for FDI. Dr. Doring said the UAE’s wise leadership is renowned for its futuristic vision, which covers all aspects of life, especially in the business sector.