Ajman Ruler issues new decree to establish ‘Ajman Free Zone Authority’
Officials of Ajman Chamber during a meeting with Indian delegation.
The decree aims to keep pace with the UAE Government’s directives and its 50-year plan, including the launch of projects aimed at strengthening the country’s capacity to handle global economic developments, most notably during the recent period.
The authority aims to create an attractive investment environment for local and foreign capital, according to the highest international standards, as well as increase foreign direct investment (FDI), provide flexible solutions that will attract investment to local business sectors, and support the national economy.
The decree also stipulates that the authority will appoint a board of directors whose membership will include a president, vice president and other members who are experts and are known for their abilities, as well as a secretary and an executive team comprising a director-general and several staff members.
The authority will help create promising job opportunities for citizens and preserve the rights and gains of free zones employees.
Under the decree, the authority will have a range of duties and powers, including being in charge of drafting strategic policies and plans related to local free zones, overseeing its implementation upon the approval of Sheikh Humaid, suggesting law bills, preparing studies, plans and programmes, and proposing the establishment of free zones in the emirate.
The authority will also regulate the investment environment in free zones, monitor and inspect their facilities to ensure regulatory compliance, provide and develop services, and establish necessary public facilities.
The authority will be in charge of issuing all types of licences, approvals and certificates related to investment and economic activities in free zones, and coordinate with relevant authorities to approve franchise agreements before their signing.
The authority will also coordinate with relevant national authorities to provide security and emergency services inside free zones, implement policies and controls regulating the movement of goods to and from free zones, establish companies owned by the authority, and deploy the funds of the authority in any commercial, financial, service and industrial activities according to enforceable laws.
The authority will represent the emirate before the federal government and in regional and international meetings and events.
Ajman-India cooperation: Salem Al Suwaidi, Director-General of the Ajman Chamber of Commerce and Industry, discussed, with K. Kalimutu, Indian Consul General for Trade and Economy to Dubai, ways of enhancing the commercial and economic cooperation between the UAE, specifically the emirate of Ajman, and India.
During the meeting, which was held at the headquarters of the chamber and attended by Mohammed Ali Al Janahy, Executive Director of the Trade and International Relations Development Sector at the Chamber, both sides discussed the investment opportunities offered by Ajman, suitable ways of increasing trade and foreign investments, and how to encourage the private sector to enlarge and diversify its investments.
“The UAE and Ajman have strong commercial and economic ties with India, which are witnessing increasing growth,” Al Suwaidi said while highlighting the chamber’s willingness to provide commercial facilities and services that will help support the commercial ties and economic partnerships between the two countries.
In the first half of 2021, the total number of certificates of origin issued by the Ajman Chamber for exports from the emirate to India amounted to 274, with a total value of Dhs25.9 million while the total number of certificates of origin for re-exports was 361, valued at some Dhs41.1 million.
Exports were focused on the food security industry, plastic products, iron and steel products, equipment for scaffolding, structures for temporary installations and mining equipment.
According to the chamber’s statistics, 2,261 Indian companies registered in the emirate in the first half of 2021.
Ajman Free Zone (AFZ) recorded a significant growth of 35 per cent in the number of new registered companies during the first half of 2021 compared to the same period in 2020.
The report showed 867 newly registered companies in the zone, compared to 567 companies in the same period last year. This is a testament to the increasing confidence of the business and investment community to venture in the Emirate of Ajman.
Ajman Free Zone succeeded in maintaining its position as a leader in providing an attractive business environment for major medical companies and health institutions. An 84 per cent growth in new companies registered within the health sector was recorded during the first half of the year.
