Foreign investments in UAE’s 36 free zones reach AED 268bn

The total value of foreign direct investment through UAE free zones has touched Dh268 billion ($73 billion). Free zones or export processing zones and specialised economic zones have gained prominence in trade and investment over the last 30 years that help investors bypass a lot of local laws that restrict foreign investment and exports. “The total value of foreign direct investments (FDI) that have flowed into the UAE [through free zones] has reached approximately Dh268 billion, making us the second most FDI attractive country in the Arab world, according to the UN Conference on Trade and Development (Unctad),” Shaikha Lubna Al Qasimi, Minister of Foreign Trade, said.In the UAE, foreigners can obtain 100 per cent ownership in businesses. There are 36 free zones serving investors, the majority located in Dubai which hosts the Middle East’s largest free zone in Jebel Ali. There are 2,300 zones in 119 developing and transition countries clustered mainly in Asia, the Pacific and the Americas. Altogether these zones account for $200 billion (Dh734 billion) in gross exports a year and directly employ some 40 million workers and another 60 million indirectly. Oussama Al Omari, CEO and Director General of Ras Al Khaimah Free Trade Zone Authority (RAK FTZ), told Gulf News that more than 200,000 companies registered with free zones generate more than $1 billion of wealth annually. (Source: Gulf News)

Related Posts: