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Free zones in Sharjah should net
Dh1.6 billion (US$436 million) in investments this
year, making them the emirate's leading source of
revenue, authorities said. Sharjah Free Zones boast
4,716 companies and new zones are planned to attract
more lucrative foreign investment. A plot of land
near the airport has already been set aside for such
developments.
The Sharjah Consultative Council, in its final
session of the year on Thursday, made several
recommendations for improving services to the zones.
"Our challenge is to come up with a strategy that
will attract foreign investments to support the
local economy of the emirate of Sharjah and the
economy of the UAE,” said Taryam Mattar Taryam,
director general of Sharjah Free Zones.
The Sharjah Free Zones includes 440 aviation
companies, 2,434 trading companies, 413 industrial
companies and 1,429 service companies on a total
area of 6.2 million square metres. "We want the free
zones investments to reach Dh2.1 billion. By the end
of this year, we'll make it to Dh1.6bn,” Taryam
said. The official added that Dh1.2bn of the
investments were made in areas near the airport,
accounting for "34 per cent of the total income of
the free zones last year”. Sharjah Free Zones has
leased a further 395 warehouses that were still
awaiting electricity.
Taryam also addressed a concern among some council
members that Arabic was not being used enough in the
zones, saying that 97 per cent of the 201
administrators were Emiratis. Sharjah Free Zones was
also able to prevent any labour unrest by ensuring
that workers were paid on time and had quality
accommodations, he added.
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