It’s good to be free

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Since the 18th century, when pearl traders dominated the region, Dubai has long been synonymous with trade and commerce.

And over the last few decades, the region has, unsurprisingly, capitalised on growing trade and foreign investment by increasingly offering tax and restriction-free havens to encourage overseas firms.

While Dubai may have led the way in the early 80s with the Jebel Ali Free Zone, more recently, numerous free zones are becoming established throughout the region to exploit this investment even further. Construction Week casts an eye over the new arrivals.

Sharjah international airport free zone

Becoming operational in 1995, with 55 companies, Sharjah International Airport Freezone (SIAF) is now home to 3,187 firms, covering some of the largest names in manufacturing, trading, IT services, media and consumer durables. Sharjah is well positioned to host a free zone as it accounts for more than 48% of the UAE's industrial GDP. Sharjah Industrial Airport is home to the largest air-cargo hub in the Middle East and Africa, connecting 230 destinations worldwide. Lufthansa has its second largest cargo hub, after Frankfurt, out of the airport with 360 flights and more than 48,000 tonnes of cargo movement per month.

Adjacent to Sharjah International Airport and a few minutes from Sharjah city, Dubai and major UAE ports on the Arabian Gulf, the SAIF-zone is just 120km from Port Khorfakkan on the Indian Ocean, giving investors access to the east and west coasts. Sharjah also operate the Hamriyah free zone, which announced last year that it is doubling its size from the existing 12 million m2 of land.

Fujairah free zone

The free zone of Fujairah was established by an Emiri decree in 1987. The port of Fujairah is adjacent to the free zone to ensure investors derive maximum benefit from the emirate's strategic location. By using the shipping services available, investors have access to all Arabian Gulf ports, the Red Sea, Iran, India and Pakistan. Mainline services arrive from the UK, northern Europe, the Mediterranean, Far East and North America.

Qatar

Unsurprisingly, other countries have begun to recognise the economic benefits of foreign investment. Over the last few years, Qatar has set up two free zones; The Qatar Financial Centre and Qatar Science Park (QSTP), which opened in September 2005. These will soon be accompanied by a free zone at Doha airport. In September last year, QSTP announced two venture-capital funds totalling US $130 million (AED 477 million), which will take the country closer to establishing itself as one of the world's most attractive locations for start-up technology companies.

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