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Jafza Signs Banking Deal With Deutsche Bank

by Ulrika Lomas, Lowtax.net, Brussels
12 September, 2014

Deutsche Bank and Dubai's Jebel Ali Free Zone (Jafza) announced on September 7, 2014, the signing of a Memorandum of Understanding (MoU) on banking services.

Under the MoU, Deutsche Bank will be able to support Jafza's clients through the provision of international banking services and risk mitigation solutions.

Salma Ali Saif Bin Hareb, the Chief Executive Officer of Jafza and Economic Zones World, said: "Our MoU will make Deutsche Bank's premier banking facilities available to our customers and assist them with their banking requirements around the world."

Jafza offers a number of tax incentives to companies established in the zone, including 100 percent foreign ownership, zero percent corporate tax guaranteed for 50 years, zero percent import or re-export duties, zero percent personal income tax, and no restrictions on the repatriation of capital and profits.

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