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Today’s Top Headlines




Dubai's DP World To Develop Free Zone In Senegal

by Lorys Charalambous, Tax-News.com, Cyprus

29 October 2015

Dubai's DP World announced on October 24, 2015, that it has signed a memorandum of understanding (MoU) with the Government of Senegal to set up a logistics free zone in the vicinity of the new Blaise Diagne International Airport in the outskirts of Senegal's capital city Dakar.

Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation (PCFC) said that the new free zone will use state-of-the-art equipment and technology to operate and manage the zone. The project will also add new jobs for the Senegalese workforce, he said.

Bin Sulayem added that the new free zone complements DP World's investments in the DP World-Dakar Terminal "which stands as West Africa's largest and most modern container terminal after a new terminal was built in the facility in November 2011, doubling capacity to over 600,000 (twenty-foot equivalent units)."

At the end of last year, DP World acquired Economic Zones World FZE, a Dubai-based operator of free zones, including the Jebel Ali Free Zone (Jafza). Jafza offers a number of business incentives, including 100 percent foreign ownership, zero percent corporate tax for 50 years, zero percent import or re-export duties, zero percent personal income tax, and unrestricted repatriation of capital and profits.

TAGS: tax | investment | business | tax incentives | Senegal | tax breaks | trade | Dubai | free trade zone | Africa

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