Jafza Seeks To Expand Trade Ties With France
by Ulrika Lomas, Lowtax.net, Brussels
10 November, 2014
Majdi Abed, the new French Consul General in Dubai, was informed of the facilities available to companies based in the Jebel Ali Free Zone (Jafza) during a recent meeting.
Salma Ali Saif bin Hareb, CEO of Jafza and Economic Zones World, said: "France is a key trade partner of the UAE. Both countries have traditional business, military, and cultural ties. Jafza is the proud host of a number of top French companies, and we are always looking to expand our trade ties."
Hareb said that there are currently more than 130 French companies, including ten of the Fortune Global 500 companies operating out of Jafza. The free zone's non-oil trade with France has seen a steady growth in the past decade. In 2013, this trade amounted to USD1.54bn, a substantial portion of Dubai-France trade of USD5.2bn.
Jafza recently concluded a roadshow in France and also participated in SIAL Paris 2014 (The Global Food Marketplace), where it received more than 600 inquiries from companies interested in using the free zone to establish their regional hubs to serve the rapidly growing markets in West Asia, including the Middle East, and North Africa region, and the Commonwealth of Independent States.
Abed said: "Jafza is a unique economic model in the Middle East. I was keen to visit Jafza to closely look at the most important investment opportunities in the Free Zone, in order to encourage more French companies to establish regional offices in Jafza and move towards a huge market of more than two billion consumers."
The benefits available to companies established in the zone include 100 percent foreign ownership, 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.
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