The Al-Hamriyah-Sharjah Free Zone was established in 1995 and opened for business in 1998. The zone’s infrastructure was set up taking into account the kinds of facilities that would attract heavy and medium industries. When I say “infrastructure”, I am referring to a deep port, a dependable electricity supply, roads and communications, offices and depots and available land to draw interested investors.
The director of the free zone made a public announcement to businessmen in the Arab world and beyond. He listed the following incentives for investors:
Sponsoring of manpower for any project, regardless of their nationalities,
Issuing licenses for projects within 24 hours, and complete exemption from customs fees and government taxes.
When we look at these very attractive incentives being offered in a neighboring country, we can imagine that they will attract potential investors. We have seen — and are aware —that capital will run quickly away if it is faced with pointless bureaucracy, meaningless red-tape and government departments which are ignorant of the value of time.
I am on record as having said to the well-meaning and sincere prince who heads the Saudi Investment Authority that it is not simply a matter of licensing an investor. We must also ensure that all other departments and concerned entities work in harmony to achieve the stated aims. If this is not done, nothing will be achieved. And capital will avoid us.
Let us note that the Al-Hamriyah Free Zone is meant to compete with the Dubai Free Zone. This kind of competition will lead to a unique model in the UAE and is sure to attract business from all over the world.
