Free Zones play vital role in post-oil economy, says DP World Group Chairman and CEO

DUBAI — Jebel Ali Free Zone, Jafza, a subsidiary of DP World, has attracted 470 new companies during 2016 with a growth rate of 7 percent over the previous five years, DP World Group Chairman and CEO Sultan Ahmed bin Sulayem told a gathering of business leaders recently.

The Multaqa Jafza 2017, a gathering of consultants, agents and legal firms working to promote Jafza products and services worldwide under the banner “Building a Better Business Together”. The event was attended by Mohammed Al Muallem, Senior Vice President and Managing Director of DP World UAE Region and CEO of Jafza, as well as senior representatives from foreign embassies, legal consultants, and strategic partners.

Speaking at the event, Mr. Bin Sulayem said, “Jafza works with its partners to attract businesses looking to set up their regional base of operations in the UAE. By providing everything that a business needs in line with international standards, the Free Zone attracted 470 new companies last year. Despite the challenges facing the global economy, this translates to a combined annual growth rate of 7 percent over the five years leading up to 2016.”

Of the 470 companies established in Jafza last year, 58 percent came from the Middle East, followed by those from the Asia-Pacific region at 21 percent, with 16 percent from Europe, 3 percent from the Americas and 2 percent from Africa.

“As part of its business strategy, Jafza has continued to attract foreign investment in key economic sectors that add value to the local economy and other related sectors, helping to drive the UAE’s s economic development forward.”

He also noted that by providing an efficient operating environment, Jafza enables companies to focus on their operations, increase their financial returns and achieve business goals.

“Jafza’s long-term strategy is to become the world’s leading provider of sustainable industrial and logistics infrastructure solutions by upgrading its infrastructure, products and services. The approach is key in establishing Jafza’s reputation as the world’s most innovative free zone,” the Senior Vice President added.

Source: Emirates News Agency