Jafza Seeing Strong Car, Aeronautics Sector Growth
by Lorys Charalambous, Lowtax.net, Cyprus
12 May, 2015
The number of automotive and aeronautics companies operating in the Jebel Ali Free Zone, Dubai, has increased by 36 percent since 2010, the tax-free zone said.
644 companies are now operating in the two sectors. Over the same period, trade flows have grown by 69 percent, to USD5.4bn in 2014, the zone said.
Ibrahim Mohamed Aljanahi, Deputy CEO of Jafza, said: "The Middle East is one of the world's fastest growing markets for automotive products. Being the trade and logistics hub of the region, continued growth in the automotive sector in Jafza is quite natural. According to experts, demand for auto parts and accessories in the GCC is expected to grow at a compound annual growth rate of 15 percent by 2017. This provides huge opportunities for Jafza-based companies."
Jafza offers a number of benefits to companies established in the zone, including: zero percent corporate tax guaranteed for 50 years, zero percent import and re-export duties, zero percent personal income tax, and no restrictions on the repatriation of capital and profits. 100 percent foreign ownership is permitted.
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