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

Indian IT companies will flock to Hamriya Free Zone

The interior of a building in the Technopark, ...

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More Indian IT companies are flocking to the UAE to capture a share of the mobile applications and related IT services  currently booming in the region.

Speaking to Emirates 24/7, Dr Rasheed Al Leem, director general of Sharjah Sea Port, Customs and Hamriya Free Zone, said he expects more Indian IT companies to flock to the UAE as a follow up of a memorandum of understanding signed between the Hamriya Free Zone and Technopark, Thiruvananthapuram, Kerala. “Currently, there are 5,500 companies from 137 countries operating in the Hamriya Free Zone and 1,448 companies are from India.”

Neologix Software Solutions of India has launched their Middle East operations, the first offspring of the Hamriya Free Zone-Technopark  partnership. A memorandum of understanding between the two entities was signed recently for IT cooperation. “India is the second biggest investment destination for the UAE and as per recent announcements, the UAE will be investing several billion dirhams in India.”

via ‘Indian IT companies will flock to Hamriya Free Zone’ – Emirates 24/7