JEDDAH — Sharjah’s Hamriyah Free Zone (HFZ), which claims to be a leader in “free zone strategies,” has attracted over one billion dirhams in overseas investment, according to its top executive.
“As of today, over 210 different companies from more than 17 countries including the United States, Canada, Europe, India and Pakistan are already operating in the zone. We’re looking for Saudi companies to evince interest,” Rashid Alleem, director general of Sharjah government’s HFZ Authority, told Arab News on Sunday.
“Ours is one of the newest, youngest and fastest growing free zones. It became operational in October 1998. Its advantages are many and facilities include fast and efficient service and cost-effective solutions, whether investors’ objectives are short-term or long-term,” Alleem said at the HFZ stand at the five-day food show at the Jeddah International Exhibition and Convention Center.
According to Alleem, HFZ’s incentives to attract foreign investment include 100 percent ownership which means no requirement of a local partner, import and export tax exemption, exemption from all commercial levies, full repatriation of capital and profits, and exemption from corporate and personal income tax.
“In the UAE, there are 10 different free zones. All our operations are businesslike, done on international standards,” said Alleem who is accompanied by Suood Al-Mazrooei and Abdullah Badri, both senior marketing and sales officers.
“This zone in the UAE has a special geographic location with a unique time zone advantage that provides multi-access to neighboring and global markets, in a business-friendly and tax-free environment,” he said, adding that the HFZ includes 10 million square meters of prime industrial and commercial area.
According to Alleem, HFZ facilities include land for lease starting from 2,500 sq. m. and upward, prebuilt warehouse units in sizes of 614 and 416 sq. m. with annexed offices, and executive suite offices with modern telecom networks.
Its advantages: Quick and simple procedure for approval of license applications, 14 meter deep port specially designed to cater for break bulk vessels, access to three modern seaports in Sharjah, access to one of the largest cargo hubs in the UAE at Sharjah International Airport, duty exemptions for goods destined for the HFZ, no restriction or quotas on employment visas, abundant and inexpensive energy, and leases up to 25 years that are reneweable for another 25 years.
