Abu Dhabi: Umm Al Quwain Free Trade Zone’s development projects have been progressing at a fast pace, with all the infrastructure work currently in progress, according to Shaikh Khalid Al Mualla, Chairman of Ports Customs and Free Zone Corporation.
“Infrastructure development for the Phase 2 has begun and we are looking to rope in factories and manufacturers. The government has allocated an additional land of approximately four square kilometres, which can be leased out to the customers. In addition, we are constructing warehouses, offices, and residential buildings to meet the demand,” he said in a statement on Wednesday.
The statement added that the Free Zone registered and licensed 850 companies this year.
Investors in the Free Zone can benefit from incentives like 100 per cent foreign ownership, return of capital and profits, no currency restrictions, 100 per cent tax exemption on imports and exports, and no corporate or personal income tax.
Though the primary aim of the Free Zone was to attract Small and Medium Enterprises (SMEs) and micro businesses, with the influx and demand from the UAE business community, it hopes to welcome more white-collar businesses into Umm Al Quwain.
