Sunday, September 21, 2008

Free Zones Of The UAE: One Of The Foundations Of The Mega Project Boom

One of the primary reasons we are seeing such an incredible Mega Project boom in the UAE is the Free Zone. A free zone is an area within a country (a seaport, airport, warehouse, or any designated area) with clearly defined borders, regarded as being outside the country's customs territory. It has special tax, customs and import laws, with attractive incentives for companies to set up operations. Free Zones are special investment models allowing the client to do business WITHOUT OBSTACLES. Free zones allow companies to do business freely and efficiently within the laws of the free zone authority that governs it.

The UAE Free Zones offer businesses locating in these zones some of the most desirable advantages for doing business offered anywhere in the world, in most cases including:

> Guaranteed 100% Foreign Ownership,
> Zero Corporate Tax,
> Zero Personal Income Tax,
> Zero Import/Export Tax,
> Zero Commercial Levies Tax,
> 100% Repatriation of Capital and Profits,
> No Foreign Exchange Controls,
> State-Of-The-Art Purpose Built Infrastructure,
> Renewable Residence Visas Granted,
> Convenient Locations Near Residential Areas, Banking Facilities, International Transportation Facilities, etc.

Wow!! No wonder businesses from all over the world are coming to Dubai and the other Emirates! The UAE Free Zones are Paradises for doing business! The Free Zones themselves are usually huge Mega Projects and the prosperity these Free Zones bring to the UAE super-charge further Mega Project development. For example:

Dubai International Financial Centre (DIFC) is a Free Zone....and a gigantic Mega Project. DIFC is being developed as an entire "city within a city" devoted to business and finance. This Free Zone is one of the largest Mega Projects being built anywhere in the world. Furthermore, the financial prosperity that DIFC will create for Dubai will in turn cause the development of more Mega Projects. Why? Because the more prosperous a region becomes the more residential, business and entertainment / leisure developments it builds.

Another example is Dubai Maritime City. This Free Zone devoted to the maritime industry is a huge Mega Project containing an Industrial Precinct, a Maritime Center, Harbor Residences, Harbor Offices, a Marina District and a Maritime Campus.

I will now give you a list of the major UAE Free Zones, including those under development:

> Dubai Airport Free Zone,
> Jebel Ali Free Zone,
> Hamriyah Free Zone,
> Sharjah Airport International Free Zone,
> Ras Al Khaimah FTZ,
> Dubai Internet City,
> Dubai Media City,
> Abu Dhabi Ports Company,
> Abu Dhabi Airport Free Zone,
> Ahmad Bin Rashid Free Zone- Umm Al Quwain,
> Ajman Free Zone,
> Dubai Auto Zone,
> DuBiotech,
> Dubai Flower Centre,
> Dubai Gold and Diamond Park,
> Dubai Healthcare City,
> Dubai International Financial Centre,
> Dubai Knowledge Village,
> Dubai Logistics City,
> Dubai Maritime City,
> Dubai Multi Commodity Centre,
> Dubai Outsource Zone,
> Dubai Silicon Oasis,
> Dubai Studio City,
> Fujairah Free Zone,
> Industrial City of Abu Dhabi HCSEZ,
> International Media Production Zone,
> International Humanitarian City,
> Techno Park,
> Dubai Academic City,
> Dubai Auto Parts City,
> Dubai Building Materials Zone,
> Dubai Carpet FZ,
> Dubai Cars and Automotive Zone,
> Dubai Design Centre,
> Dubai Energy City,
> Dubai Textile City,
> Heavy Equipment and Trucks Zone.

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