Ajman Free Zone Opens Office in Cyprus

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Enters into alliance with Freemont Group to reach out to entrepreneurs in the region Outreach to Cyprus also signifies free zone’s endeavor to attract investments from the EU

In line with its global outreach strategy to secure new investments, Ajman Free Zone today announced that it has opened a representative office in Cyprus and has also entered into an alliance with Freemont Group, a business and corporate consultancy with offices in both Nicosia and the UAE.

In a statement, the free zone said that the alliance with Freemont Group will help the free zone woo and facilitate investments from Cypriot entrepreneurs who are keen to create a business base in the UAE. Over the years, the free zone’s active engagement of global market has led to a consistent rise in investments from across the world, contributing to the reputation of the UAE as a stable economy for entrepreneurs to set shop.

“Bilateral relations between the UAE and Cyprus are robust with both countries supporting each other on economic and political affairs. The potential for trade and investments between the two countries are immense and we believe that setting up a representative hub in Nicosia will accelerate the cooperation further and in turn catalyze investments into Ajman Free Zone,” said Mr. Mahmood Al Hashemi, Director General, Ajman Free Zone.

He said Ajman Free Zone continues to roll out out-of-the-box investment concepts like the Business Centre, and Smart Offices which offers higher cost-efficiency to entrepreneurs. “Our investment concepts are diverse and innovative and this has driven the growth of the free zone,” he added.

Setting up a representative base in Cyprus also signifies Ajman Free Zone’s keenness to tap investments from the larger European Union (EU) and neighboring countries as the eastern Mediterranean country is at the intersection of European, African and Asian countries, he said.

Last year, the UAE opened its embassy in Nicosia, the capital of Cyprus, a move which has helped further accelerate economic and social cooperation between both the countries, and Ajman Free Zone, known for its proactive investment facilitation, stands to benefit from the robust mutual relations.

“Ajman Free Zone has continued to expand its reach to global markets taking its investment proposition to countries across the world with remarkable success. So far we have representative offices in India, Pakistan and Africa and our endeavor is to expand our reach to more global destinations in the near future,” said Mr. Rishi Somaiya, Sales Director, Ajman Free Zone.

Bilateral trade between the UAE and Cyprus stands at over US$102 million as of 2015 and the potential is far more as the Mediterranean country is on a rapid economic recovery expanding the scope for sourcing more investments into Ajman Free Zone, he added.

Ajman Free Zone has consistently grown at 40 per cent year-on-year with investments from across the world, thanks to its superior business facilitation services and offers of installment-based schemes that are affordable to even new entrepreneurs.

“Flexibility is the cornerstone of our strategy and this makes investment platforms of Ajman Free Zone unique and pioneering in the entire UAE. Our fruitful interactions with Cypriot entrepreneurs make us confident that Ajman Free Zone will be their choice of destination when they set up their businesses in the UAE,” added Mr. Rishi.

Ajman Free Zone’s Smart Offices and Executive Offices offer cost-effective options to investors. The free zone offers 100 per cent foreign ownership, comparatively cheap labour structure, proximity to sea and airports backed by the excellent transport infrastructure of the UAE. Ajman Free Zone also offers cheap energy, an up-to-date technology backed infrastructure, low handling charges and a single window clearance for investors with licenses issued within 24 hours in most cases.

Note to the Editors:
About Ajman Free Zone
Ajman Free Zone (AFZ) was established in 1988, leading to massive industrial development in Ajman by attracting a great number of companies to benefit from the investment privileges, thereby strengthening industry and economy in the UAE. AFZ provides competitive privileges and facilities allowing companies to get a considerable return on their investment. AFZ continues to develop its infrastructure, spending millions of Dirhams along its free zone area of more than one million square meters. The strategic location advantages of AFZ include reach to international airports within 25 minutes. AFZ is located opposite Ajman Port. The free zone offers 100% ownership, easy transfer of capital and profits, exemption from personal income tax, exemption from import and export duties, competitive prices on facility usage and competitive prices for power/electricity. The advantage also includes competitive prices on leasing, easy access to low cost labour and well developed infrastructure. It also offers one-stop counter service for effecting transactions and fast and easy procedures and in most cases issues the license within 24 hours.

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