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Free Trade and Industrial Zones in the UAE
Pages 6 (1506 words)
The Free Trade and Industrial Zones in the UAE The United Arab Emirates is considered as the leading country in the Middle East when it comes to introducing and implementing diverse approaches to the economy. The Middle East has always been known as a region where some of the world’s largest oilfields are concentrated.
The establishment of free trade and industrial zones may well be considered as a unique step which other Middle Eastern countries have not yet emulated. The UAE has proven though that there are advantages gained for diversifying through such approach. Two very successful free trade zones, Jabel Ali Free Zone Area (JAFZA) and Dubai Airport Free Zone Area (DAFZA), have contributed significantly to the economy. Indeed, free trade zones are not without its share of problems and these also have negative impact to the economy. Nevertheless, the benefits far outweigh the costs. JAFZA has made very relevant contributions to the UAE’s economy since its establishment. In fact, its share in the Dubai’s economy is very strategic. It accounts for more than 25 per cent of the total trade being conducted in the city. In just 25 years, it saw the establishment of many companies in its vicinity. The year 2010 is considered as its most successful year. By the end of this year, there were 480 companies that set up facilities in the area. 55 of these are multinationals and were draw by JAFZA’s “customer focused value proposition that brings together products, all relevant services as well as value added benefits under one roof to form an ecosystem that is conducive to business” (Banga, 2011). The entry of such investments has, in turn, benefited the UAE in more ways than one. ...
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