Saudi Seeks Stronger Trade Ties With Jafza
by Lorys Charalambous, Lowtax.net, Cyprus
20 March, 2015
Nayef Al Rashid, Deputy Consul General of Saudi Arabia in Dubai, visited the Jebel Ali Free Zone (Jafza) on March 17, 2015, to discuss ways to further strengthen non-oil trade between Saudi Arabia and Jafza.
Welcoming the Saudi official to the free zone, Ibrahim Mohamed Aljanahi, Deputy CEO Jafza, said "the bilateral trade between Jafza and Saudi Arabia has grown over seven-fold in the last ten years, rising from USD1.1bn in 2004 to USD8.2bn in 2014."
Jafza is currently home to 115 leading Saudi companies operating in a range of sectors, including steel, construction materials, machinery and equipment, automotive parts, information technology, and logistics. The number of Saudi companies in the free zone has grown by 280 percent over the last 10 years.
Jafza offers a number of benefits to companies established in the zone, including: 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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