By Neeraj Gangal
Foreign Direct Investment Magazine ranks Bahraini free zones among world's top 25 spots - paper.
The Bahrain Logistics Zone (BLZ), Bahrain International Airport and Bahrain International Investment Park have been ranked among the world's top 25 'Free Zones of the Future' from 700 worldwide, a report by Foreign Direct Investment Magazine (fDi), part of the Financial Times Business Group, said on Friday.
They ranked 9th, 13th and 24th, respectively, the Saudi Gazette reported.
The findings reflect the Kingdom's continued investment in its logistics credentials, the daily said.
It also represents a growing acknowledgment of Bahrain as the gateway to the trillion dollar Gulf market, according to the nation's Economic Development Board (EDB), it added.
Kamal Ahmed, chief operating officer of the EDB and acting chairman and CEO of the Bahrain Airport Company, said: "The fDi Magazine rankings reflect our commitment in Bahrain to creating the optimum business environment for international companies to do business in and from.
Bahrain does not impose the restrictions of ring-fencing within 'Free Zones', The Saudi Gazette noted.
Products manufactured in the Kingdom and sold into GCC and other Arab markets are free of import duties, providing a five percent margin against Free Zone locations throughout the GCC, it said.
"Bahrain also has zero personal tax, no corporate tax and permits 100 percent foreign ownership of companies - a key attraction for international business looking to establish a presence in a region anticipating enviable levels of economic growth," the daily added.
I am amused by the fact that ....even though UAE (Dubai) has six of its Freezones in this category with rankings as high as Nos 2, 6, 7, 10... Which translates to 4 positions in the Top 10 and yet the article says Bahrain is the Gate to the trillion dollar economy.... Some Dubai Bashing I might say.... Its fine if the Government gazette tells that but as a respcted magazine AB should carry out its own independent and honest assessment....... Check the list here.. http://www.fdimagazine.com/news/fullstory.php/aid/3358/Global_Free_Zones__of_the_Future__2010_11_Winners.html