Up to 70% cut in Jafza company fees
Dubai - The initiative would immediately assist more than the 7,500 businesses that operate out of Jafza.
Published: Wed 11 Mar 2020, 6:51 PM
In a far-reaching confidence-building initiative, the cost of licence registration and administration for companies operating in one of the world's most sought-after business hubs - Jebel Ali Free Zone - will be slashed by up to 70 per cent, DP World, announced on Tuesday.
DP World, UAE Region, which operates the region's oldest and largest free trade zone, said the initiative would immediately assist more than the 7,500 businesses that operate out of Jafza and hundreds of new businesses attracted by the region's most sought-after free zone's plug and play infrastructure and solutions for trade.
The across-the-board reductions in business-related fees by between 50 per cent and 70 per cent will be applicable for registration, licensing and related administrative functions for companies currently operating in Jafza as well as for new investors.
In addition, a range of other online services will now be offered free of cost as a direct result of Jafza's on-going digitalisation process, DP World, the region's premier logistics and business hub operator, said in a statement.
Established in 1985, Jafza is home to companies from 100 countries, including Fortune-500 firms. The free zone accounts for almost 23.9 per cent of total foreign direct investment flow into the UAE while contributing 23.8 per cent of Dubai's GDP. In 2018, the free zone, which is facilitating the employment of more than 150,000 people, generated trade worth $93 billion.
Mohammed Al Muallem, CEO & Managing Director, DP World, UAE Region and CEO of Jafza, said the initiative is highly significant and in line with the recent call by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to bring down the cost of doing business and enhance investor experience.
Al Muallem said it is a timely move to inspire customers towards pursuing their business targets with greater confidence and purpose. "It's specifically designed to create value and opportunities for the companies to channel their resources to support their activities sustainably. We believe this forward-looking initiative will enable companies to do business in a smarter way and generate more business and create new jobs."
"Trade has always powered Dubai's economic development and DP World has played a central role in supporting it. The activities of our flagships Jebel Ali Port and Jebel Ali Free Zone are very closely connected with companies located there to take advantage of the world class infrastructure facilities and investment incentives and to connect to global markets. The twin economic growth engines are examples to the world and serve as models DP World is rolling out in other locations across our network worldwide. As wealth generators, they are critical infrastructure assets that underpin prosperity and success for our nation," said Al Muallem.
DP World, UAE Region contributes to over 33.4 per cent of Dubai's GDP and believes this initiative will further enhance the ease of doing business at Jafza, and continue to position Dubai as one of the global centres for commerce and trade.
DP World, UAE Region understands the impact that a renewed commitment can bring to the national economy, businesses and the community of Dubai and the UAE, the statement said.