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Today’s Top Headlines

Chinese Delegation Visits Jafza

by Lorys Charalambous,, Cyprus

17 November 2015

A Chinese delegation led by Ni Chao, the Deputy Mayor of Xiamen and the Director General of the Xiamen Free Trade Zone, recently visited Dubai's Jebel Ali Free Zone (Jafza).

The delegation met with Jafza officials to discuss ways to further strengthen ties between China and Jafza.

In 2014 China–Jafza bilateral trade hit AED52.4bn (USD14.3bn), which was up 14.4 percent from the AED45.8bn (USD12.5bn) two-way trade in 2013, according to Ibrahim Mohammed Al Janahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World (EZW).

He said that "98 percent of the total Jafza-China trade constitutes Chinese exports to the Free Zone, which is largely meant for re-exports to the GCC and other countries in the Middle East."

With a total trade of AED36.7bn (USD10bn), electronics occupy the top position in Jafza-China trade, followed by textiles and iron and steel, with trade of AED3.3bn (USD911m) and AED2.6bn (USD723m) respectively, Al Janahi added.

Ni noted that the Xiamen Free Trade Zone used Jafza as a model. She invited the Jafza Deputy CEO and his team to visit Xiamen to strengthen bilateral trade and cooperation.

Jafza offers a number of benefits to companies established in the zone, including: zero percent corporate tax guaranteed for 50 years, zero percent import and re-export duties, zero percent personal income tax, and no restrictions on the repatriation of capital and profits. 100 percent foreign ownership is permitted.

TAGS: United Arab Emirates | tax | tax incentives | export duty | corporation tax | China | tax breaks | import duty | trade | individual income tax | Dubai | Middle East

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