UAE's Ajman woos investments from Gujarat, to open office in India

AHMEDABAD: Ajman, a part of United Arab Emirates (UAE), is wooing investors from Gujarat, banking high on tax incentives. It showcased the potential Ajman Free Zone Authority (AFZA) holds for the investors. AFZA will also open its representative office in India.

"Ajman Free Zone is one of the fastest growing free zones in the UAE, offering advantages such as 100 per cent foreign ownership and repatriation of capital and profits, no personal income tax, amongst other benefits," AFZA Director General, Mahmood Al Hashemi told media persons in Ahmedabad on Monday at an event organized by Confederation of Indian Industries ( CII).

AFZA has also introduced a concept of Smart Office in which the investor can book space and pay monthly rent instead of investing in the property.

Ajman Free Zone (AFZ) Sales Director Rishi Somaiya informed that AFZA will be partnering with a company in India which would be representing it, since it has a big market share from here. ""Of the 7,000 companies in Ajman Free Trade Zone, nearly 40 per cent are Indian, and of which around 15-18 per cent are from Gujarat. We will first open office in Mumbai and then in Gujarat to attract local companies," he said. AFZA offers flexibility of transactions and ease with which procedures are executed with business licenses issued in 24 hours. It also enables 100% foreign ownership and repatriation of capital and profits, no personal income-tax, low labour cost, the only downtown free zone in UAE and competitive lease facility amonst others.