Expo to highlight role of free zones in economic growth

Expo to highlight role of free zones in economic growth

Ashwani Kumar

Published: Tue 3 Sep 2019, 5:34 PM

Last updated: Tue 3 Sep 2019, 7:36 PM

The 'World Free Zone Expo Pavilion,' a first-of-its-kind specialised event to be held in Abu Dhabi, will bring together free zones under one roof to engage with onshore and offshore companies and business start-ups to facilitate future strategic partnerships and collaborations and highlight promising investment opportunities.
The expo forms part of a series of networking events to be held at the 11th edition of 'International Real Estate and Investment Show (IREIS),' which will run from October 30 to November 1 at the Abu Dhabi National Exhibition Centre.
Free zones offer many benefits and exemptions to companies and businesses that choose to operate out of them. For instance, benefits of setting up a company in a free zone in the UAE include 100 per cent import and export tax exemptions, 100 per cent repatriation of capital and profits, exemption from corporate tax, personal income tax, relatively simpler start-up and licensing procedures and minimum paperwork, among many others. The UAE is currently home to more than 45 free zones, spread across the seven emirates. A research conducted by IREIS has revealed that investments in the UAE free zones are likely to go up by 15 per cent by the end of 2020, thanks to key events and activities such as the Expo 2020 that are set to take place in the country/. In view of this anticipated growth, the first 'World Free Zone Expo' is poised to become an effective platform to bring about the many advantages and opportunities within free zones not only in the UAE, but from around the world.
Apart from the 'World Free Zone Expo,' IREIS 2019 will also host a series of top-notch interactive networking events such as the 'International Investment Conference 2019;' the 'International Residency and Citizenship Expo' in addition to the 'Start-up Pavilion' and the 'Innovation Hub Awards 2019'.
This edition of IREIS will feature more than 70 exhibitors from over 20 countries, who will showcase 300 projects before an expected 5,000 strong audience comprising local, regional and global visitors.
- ashwani@khaleejtimes.com

More news from Local Business