Jafza Welcomes Manufacturing Industry Growth
by Lorys Charalambous, Lowtax.net, Cyprus
15 March, 2016
The Jebel Ali Free Zone, a free trade zone in Dubai, said on March 12, 2016, that it registered 52 new companies in the automotive and aeronautics industry in 2015.
Jafza is now home to 435 companies from 60 countries, Ahmed Bin Sulayem, CEO and Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation, said. He said that 19 percent of auto sector companies are European, while 21 percent are from Asia.
Asim Al Abbasi, the Chief Financial Officer of Economic Zones World, the operator of Jafza, said: "We need to seize the opportunities of this [automotive and aeronautics] sector at the regional and local levels, especially after the Business Monitor International report's optimistic outlook for the growth of this sector in the UAE, where the total projected sales by 2019 is up to about 508,000 units, with an annual growth rate of 5.6 percent, 5.1 percent, and 4.7 percent during 2017, 2018, and 2019, respectively."
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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