More than 50 per cent of these new companies come from the Asia Pacific led by India and China while 10 per cent from Americas and the UK.
Ibrahim Mohammed Al Janahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World (EZW), parent company of Jebel Ali Free Zone, commenting on the growth of the Free Zone said: “The large number of high profile multinationals that we have attracted in the first half reinforces Jafza’s invincible status as the gateway to the Middle East and a key driver to attracting foreign direct investment into Dubai and the country. Jafza accounts for almost 40 per cent of FDI into the Emirate and 20 per cent into the UAE. The leading sectors that attracted new companies into the Free Zone include Machinery and Equipment, IT & Electronics, Building Material and Foodstuff.”
The Free Zone accounts for more than a half of Dubai’s exports and a quarter of its total non-oil trade. Jafza, according to a PwC report, contributes more than 21 per cent to the GDP of Dubai.
Al Janahi further said: “Dubai’s right to host World Expo 2020 provides further push to the continuously growing trade and commerce in the UAE and the region. As a facilitator we have launched a number of important initiatives such as Matajircom and Halal Zone that follow and support the government’s strategy to fulfil the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to make Dubai the most dynamic economy in the world.”
During the first half of the year Jafza has announced two initiatives viz. Matajircom and Halal Zone that will have an impact on the UAE and the entire Middle East.
Matajircom initiative is the first retail hub in the Middle East which is exclusively designed to take advantage of the growth in e-commerce.
Halal Zone on the other hand is an initiative under which EZW announced the plan to develop two world-class Halal Zones, one in Jafza and another in TechnoPark, specifically designed to cater to the regional and international Halal Product markets. The move seeks to support Dubai assume the status of the capital of the world’s Islamic Economy as well as “the global hub for Halal products”.
Jafza is currently home to 7,500 companies. 17 per cent of these companies are in IT and Electronics, 15 per cent in construction Material, 12 per cent in Chemical and Petroleum Products, 12 per cent in Machinery & Equipment, 10 per cent in Food and Healthcare, nine per cent in Automotive and five per cent in logistics sector.
The new companies include Jaguar and Land Rover, ACE, China National Petroleum Corporation, DOW, Novartis, Borosil, Majal, Imex Shipping, AAA Freight & Logistics, TRI Star Transport and Technicorp others.
*This article was originally published on CPI Financial on 22 September 2014. Read the original article here.