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: Free Zones in the UAE |
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Fujairah
Free Zone [FFZ] |
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| FFZ records 15% rise in new trade
registration |
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The number of new companies that signed up in the
first quarter of 2009 was 66 compared with 98 in the
same period in 2008, a fall of 32 per cent.
Al Awadhi attributed last year's growth to a number
of factors. "They include the fact that the
infrastructure is complete and the legislative
system is attractive to investors plus the low cost
of establishing businesses and Fujairah's strategic
location close to many external markets. Another
factor is the FFZ's proximity to Fujairah Port,
which is considered the world's second largest ship
fuel provider after Singapore.
"The number of new companies in the first quarter
fell due to the impact of the financial crisis.
Companies that were established 10 years ago have
not been affected by the downturn but firms that
were set up three years ago were affected because
they produced more goods than the market required
during the crisis."
Al Awadhi said work had started on 25 projects at
the zone, including the establishment of new
businesses and alterations to existing business
activities. The level of investment was between
Dh100 million and Dh200m. The projects covered the
drug, waste clearance container, prefab wall,
ceramics and spare parts segments. "Despite the
international financial crisis our operations are
growing and we have no fears."
Licences for trade projects accounted for 50 per
cent of the total number of licences issued, while
licences of service companies 35 per cent and those
for industrial firms 15 per cent. |
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Courtesy Arab
Media Group |
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Hot
properties in UAE - Freehold |
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