|
The Abu Dhabi Department of Economic Development (ADDED) this week enjoyed its most successful Hannover Messe, with more than 1,100 appointments held between 34 participating companies and prospective clients, suppliers and investors from Europe and Asia. The success of this year’s exhibition, including a UAE Investment and Business Forum attended by more than 200 industry members, looks set to yield significant outcomes for the United Arab Emirate’s industrial sector over the coming months.
European companies attending the exhibition showed particular interest in the emirate of Ras Al Kaimah, which has the highest level of industrialisation in the UAE with manufacturing making up 26 per cent of its GDP. Three major European firms led warm discussions in regards to opening up branches in the emirate in the next two years. RAK Free Zone is one of the fastest growing free zones in the UAE: 12,000 international businesses are currently registered across nine free zone parks in the emirate, which is home to five per cent of the UAE’s total industrial trade licenses.
“The UAE is an attractive option and ideal entry point from which to do further business in the Middle East for European firms,” said Dr. Adeeb Alafifi, Director, Foreign Trade and Export Support for ADDED.
“Established free zones across the UAE make the process of setting up business convenient and simple, offering one hundred per cent income and corporate tax exemption – a highly attractive offer.
“The United Arab Emirate’s growing presence at Hannover Messe, with its largest ever stand at more than 1,000 square metres this year, is being noted by German industry. As its most important trade partner in the Middle East, the United Arab Emirates is delighted to take part in this prestigious event with such generous hosts.”
High-profile delegations from Moscow, Sverdlovsk in Ukraine and Uzbekistan at the Messe will see mutual areas for cooperation explored further in the coming weeks, and reciprocal invitations extended for trade visits in the coming weeks.
“There are investment-friendly policy frameworks for foreign companies in the Emirates,” Dr. Adeeb Alafifi said.
The International Monetary Fund (IMF) this week predicted the UAE economy to grow 4.4 per cent, fuelled by rising real estate prices and the Expo 2020 win.
“As the UAE economy continues to grow, we expect to see further investments in our buoyant industrial sector – just one of several expanding sectors that help Abu Dhabi and the UAE achieve its goals of economic diversification.”
|
New
Review
Abu Dhabi International Airport - 41°F
