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Jafza Reports Significant Growth In Construction Sector

by Lorys Charalambous, Tax-News.com, Cyprus

27 November 2015


Construction companies in Dubai's Jebel Ali Free Zone have reported a 74 percent increase in trading activities in the last five years, according to a recent statement from the free zone.

The free zone said on November 22, 2015, that companies in the construction sector experienced a growth in trade value from AED10.7bn (USD2.9bn) in 2009 to AED18.6bn in 2014.

Jafza also said that it aims to double this growth in the next 3-4 years. The anticipated growth will largely be driven by infrastructure construction in the Gulf Cooperation Council (GCC) countries as well as increased infrastructure development in Dubai in the lead up to Expo 2020.

Ahmed Bin Sulayem, Chairman DP World and Ports, Customs, and Free Zone Corporation, said: "Building and construction is one of the most dynamic business sectors in the GCC and the Middle East region. According to a recent industry report, major building projects worth AED1.2 trillion are currently underway in the GCC alone. This unveils huge opportunities for multinationals in the construction sector, which they can capitalize on by being in Jafza, which is a globally renowned trade and logistics hub for the wider Middle East region that spans from West Asia, the CIS, Africa and the Indian Subcontinent."

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: tax | business | India | tax incentives | export duty | corporation tax | multinationals | tax breaks | import duty | construction | Gulf Cooperation Council | trade | Dubai | Africa | Middle East

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