According to a report by the Gulf News Service, free zones are expected to play a major role in the diversification of the UAE economy. In most emirate states free zones have already become key factors in their development and diversification plans and the Emirates Industrial Bank has said there are further plans to establish more free zones and develop the existing ones.
The Jebel Ali Free Zone is the most successful of the free zones and has become a role model for others in the UAE. Since it was established sixteen years ago the Jebel Ali has attracted in excess of 1,900 investing firms. Prompted by the prosperity of the Jebel Ali, Dubai has recently created a free zone around its international airport with around 100 companies based there but the Dubai Internet City is perhaps Dubai's most well-known free zone as it is the world's first free zone for e-commerce offering renewable leases for 50 years.
Abu Dhabi also plans more free zones which will provide storage and transportation services as well as a commodity trading centre on the 3,500 hectare Saadiyat island. The report says that Saadiyat is 'a major departure from other free zones in the country' as it was designed as a dedicated free zone rather than a 'spin-off' around a seaport or airport.
Amongst the most active free zones is Ajman with around 500 companies. Ajman is actively seeking to expand its operations, in the first six months of 2000, the free zone grew by 7.5 percent, generating US$300 million of investment. In a press release statement Sheikh Ahmad Bin Humaid Al Nuaimi, chairman of the Ajman Free Zone, said: 'The free zone is looking to expand its capacity, which could become saturated with the arrival of new companies. Ajman Free Zone has entered a new era ... the combination of extremely competitive leasing fees, hassle free government procedures and the willingness to support the most diverse businesses, both large and small, has proved to be an unstoppable engine for growth.'
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