Business | General
Abu Dhabi to get free zone near international airport
Abu Dhabi Airports Company is planning to develop Abu Dhabi Airport Free Zone, spanning four million square metres, near Abu Dhabi International Airport, a company statement said.
- Gulf News Report
- Published: 00:31 April 24, 2008
- Image Credit: Ravindranath/Gulf News
- Abu Dhabi International Airport, once redeveloped, will be equipped to serve 50 million passengers annually and serve large logistics operators.
Dubai: Abu Dhabi Airports Company is planning to develop Abu Dhabi Airport Free Zone, spanning four million square metres, near Abu Dhabi International Airport, a company statement said.
The project will come about in phases, with planning for the first under way with a view to be completed by 2010.
"Planned to accommodate world-class business facilities, Abu Dhabi Airport Free Zone's will offer light industrial units, commercial offices and land for lease - each tailored to various business requirements," the statement said.
The project is part of the Dh25 billion ($6.8 billion) redevelopment plan for the the international airport, which, once completed, will be equipped to serve 50 million passengers annually and serve large losgistics operators handling air cargo.
"The project is still under planning stage and the infrastructure of the first phase is expected to be completed by 2010 so that companies could start setting up their operations at the free zone," a company spokesperson said.
Some of the economic benefits by the free zone include 100 per cent duties and tax exemption, 100 per cent foreign ownership of the business and full repatriation of capital and funds to home markets.
More from Business General
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
