Company registrations at JLT jump 38%

This is a photo showing the construction of Ju...

DUBAI — Jumeirah Lake Towers, or JLT, one of the fastest growing mixed-use free zones in the UAE, recorded a 38 per cent growth in company registrations during the first 10 months of 2011 compared to same period last year.

The Dubai Multi Commodities Centre (DMCC) Authority, the licencing authority for JLT, on Saturday announced that it has registered over 1,000 companies in the first ten months of the year, bringing the total number of registered companies to over 3,600. DMCC witnessed 725 company registrations from January to October, 2010.

The centre continues to attract companies to the JLT Free Zone from a wide-range of business sectors, industries and geographies. Of these new companies over 90 per cent are first time entrants to Dubai with registrations equally balanced between well-established multinationals like Diamdel (De Beers Group) and Harley-Davidson, and smal-l and medium- enterprises and entrepreneurs.

“Every year, we challenge ourselves to set new records and this year is no exception. Registering 1,000 new companies in just 10 months is testimony to the success of our business strategy,” DMCC chairman Ahmed bin Sulayem said in a statement.

Solid growth clearly highlights Dubai’s position as the leading business destination in the region, Bin Sulayem said, adding: “Going forward, we will focus on driving company registrations, introducing new and improved services and innovative products, as well as investing in JLT’s infrastructure and so pursuing our mission to enhance trade flows through Dubai.”

JLT-based companies enjoy attractive benefits under the free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure, regulated environment.

via Business : Company registrations at JLT jump 38%

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Dubai exports driven by free zones

Dubai - Internet City and Media City

Businesses operating from free zones in Dubai now drive a full 40 per cent of the emirate’s Dh217 billion (US$59bn) export market as the importance of the economic clusters continues to grow.

Companies based in these economic hubs exported or re-exported Dh86bn worth of goods during the first half of the year.

That compares with Dh131bn worth of direct exports and re-exports from local businesses outside the free zones, according to Dubai Exports, an agency under the Government’s Department of Economic Development.

“The start of this year has been very promising, particularly in terms of trade and exports for Dubai,” said Saed Al Awadi, the chief executive of Dubai Exports. “Exports are continuously growing, with some products showing high potential to expand further.”

India alone commanded a 45 per cent share of the value of total exports from Dubai during the first six months of the year, which is up from an average of 40 per cent for all of last year. The country’s appetite for gold and jewellery has helped to make it the top export destination for the emirate.

Switzerland is another popular export destination for the same reason. India and Switzerland together accounted for 87 per cent of Dubai’s precious-metals exports last year.

Demand for Dubai’s commodities has been growing globally as more investors flee to what they perceive are safe alternatives to local stock markets, which have been volatile of late.

Exports of prepared food products, chemicals and cement have also been strong and are expected to grow further, said Mr Awadi.

But the growth of trade from Dubai’s free-zone businesses, in particular, illustrates how much of an effect these companies are having on the local economy.

The first free zone, Jafza,opened 26 years ago at the port of Jebel Ali. This hub, along with others that were launched about that time, were “started initially to promote re-export”, says Jitendra Gianchandani, the chairman and managing partner of Jitendra Consulting Group, which advises businesses about free zones.

Yet many business consultancies have also popped up in newer free zones in recent years.

While the turnover of these consulting services are not included in Dubai Exports data, they are also having a major effect on the local economy, experts say.

More than 50 free-zone companies in the information and communications technology sector alone have expanded their operations this year, said Malek Sultan Al Malek, the managing director of Dubai Outsource Zone and Dubai Internet City.

via Dubai exports driven by free zones – The National.

Use an SA company to trade in the free zone

This is a photo showing the construction of Li...

Dubai International Financial Centre (DIFC)-registered companies will have to be located within the free zone or they will lose their registration, a senior government official has reiterated.

“The UAE’s federal law stipulates that any company registered by a free zone has to have a presence in that free zone and, therefore, it has always been mandatory for any DIFC registered company to be located in the centre or it would lose its registration,” Abdulla Mohammed Al Awar, Chief Executive Officer, DIFC Authority, told ‘Emirates24|7’.

“However, we work closely with the registered firms to ensure that their location transition to DIFC is as smooth as possible and would not disturb their business plans.”

A number of DIFC-registered companies were allowed to conduct business outside its premises due to lack of space in 2007 and 2008 with companies also taking advantage of lower rents than the free zone.

Total leasable commercial space in DIFC’s own buildings stood at 1.217 million square feet as of June 2011, while total commercial office space within third party developers was at 769,000 square feet. Earlier this year, DIFC said about two million square feet of commercial office space was likely to be handed over by third-party developers in the next 18 to 24 months.

This website reported earlier that occupancy level in DIFC Gate District has remained at over 95 per cent, while third-party developments within the free zone have leased 58 per cent of their office space.

Realty agents believe that most of the DIFC-listed companies have already moved base to the third party developments within the free zone  where rents are lower than the Gate District.

A senior official of a company, which moved its office to Liberty House, told this website: “We directly negotiated with the owners and managed to get a good deal… just that we had to sign a long-term lease.”

via DIFC firms must be located within the free zone – Emirates 24/7

DAFZ promotes e-services

iTunes_Store

Dubai Airport Free Zone (DAFZ) is showcasing its latest e-services for potential and existing companies at GITEX TECHNOLOGY WEEK. The Free Zone is showing off its new iPhone application, available for download now from the iTunes store, which provides companies interested in locating their premises at DAFZ with information on the zone, plus application forms to register online. The service is also available for existing DAFZ resident companies, to deliver a range of online services through the mobile platform.

The new app is part of DAFZ’s continuous programme of development of e-services for its customers, under the overall strategic vision for eGovernment in Dubai. DAFZ offers over 200 e-services for resident companies and others, with no manual transactions.

“All of the services that DAFZ provides to our established companies are online, we don’t really have manual applications forms or procedures, all the services are online for all the clients,” says Buthaina Hamad Bin Fahad, Director, Information and Communication Technology, Dubai Airport Free Zone.

DAFZ is also showing an interactive 360 degree online photo of the Free Zone on its web site, to give prospective residents a more in depth understanding of its facilities and locations.

The Free Zone is also promoting its Business Enabled Offices service at GITEX. The Business Enabled Office is intended to give SMEs, or larger companies looking to establish a regional presence, the ability to set up a complete office in DAFZ, for just AED 7000 per month.

via DAFZ promotes e-services – GITEX 2011 – ITP.net

Dubai free zone ready to be new Baku port operator

Bailovo, Baku, Azerbaijan

Image via Wikipedia

Baku, Fineko/abc.az. The new Baku International Sea Trade Port, being built in Alat settlement 65 km south of Baku, can get quite a tough operator – the Dubai free zone.

Azerbaijani Transport Minister Ziya Mammadov says that the Dubai free zone, which operates 30 ports around the world, has already offered its services for the launch of the new Baku port.

“Today, these companies cannot cooperate with Azerbaijan due to the absence of multimodal transportation,” the minister said.

He points out that work is underway currently within the first phase of the port construction, after which port capacity will reach 15 million tons a year. After all the three stages are finished, its capacity will be brought up to 25 million tons.

“The current port has become fully outdated and does not meet international standards and modern technologies. Besides, its capacity is only 5-10 million tons a year,” Mammadov said.

via Azerbaijan Business Center – Dubai free zone ready to be new Baku port operator