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Egyptian, UAE Free Zones Agree To Cooperate

by Lorys Charalambous,, Cyprus

20 November 2014

Egypt's General Authority for Investment and Free Zones (GAFI) and the United Arab Emirates' (UAE) Ajman Free Zone signed a Memorandum of Understanding (MoU) and joint cooperation agreement on November 16, 2014, to intensify joint activities in the field of investment and free zone management.

"The memorandum aims to create a regulatory framework that is efficient and effective in promoting economic and investment relations between the two countries," GAFI Chairman Hassan Fahmy said.

"GAFI seeks to implement a state policy aimed at strengthening economic ties and deepening investment relations between Egypt and the Arab states, as well as activating methods for joint cooperation with the UAE in particular," Fahmy said. "The UAE ranks second in terms of volume of investments in Egypt, which amount to USD10bn."

He said that this agreement includes several key points, notably the exchange of information on investment opportunities, laws, and regulations within the two countries. These will be used to facilitate procedures for the Egyptian and Emirati business communities to establish joint projects.

Fahmy said the memorandum also stipulates that the two sides will cooperate in organizing conferences and seminars related to investment and free zones. It will also include organizing meetings between business owners and companies from the two countries to exchange technical and technological expertise and engage in joint training opportunities in the field of investment in general, and free zones in particular.

The business incentives offered by Ajman Free Zone include total exemption from all import and export duties, no personal income tax, and no corporate tax. 100 percent foreign ownership is permitted.

TAGS: United Arab Emirates | tax | investment | business | export duty | training | law | corporation tax | Egypt | import duty | regulation | trade | individual income tax | free trade zone | Investment | Invest | Investment

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