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Mon 16 Jul 2018 02:52 PM

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Ajman's new media free zone signs deals with Indian, Egyptian partners

Ajman Media City Free Zone also abolishes all security deposits related to the visa process in bid to attract companies

Ajman's new media free zone signs deals with Indian, Egyptian partners

Ajman Media City Free Zone, the emirate's new free zone hub for the creative, media and entertainment industry, has announced key agreements with Indian and Egyptian entities ahead of its official launch.

Chairman Sheikh Abdul Aziz bin Humaid Al Nuaimi also announced a range of customer friendly cost effective packages for the potential business owners including the abolition of all security deposits related to the visa process for new companies which set up their base in Ajman Media City Free Zone.

"We are committed to support the small and mid size business investors and offer easy easy and cost effective services which will help this sector and also boost UAE’s rankings in global business destination list," he said in comments published by state news agency WAM.

“We want the new business owners to receive significant cost advantage and make it easier for them to set up a new business in UAE. This decision is one of the several advantages we offer to support the creative, media and entertainment industry,” he added.

Ajman Media City Free Zone is also entering into strategic alliances with organisations in key markets such as India and Egypt in its first phase.

Mahmoud Khalil Al Hashemi, executive director of Ajman Media City Free Zone, said: “In India, we have successfully created long term alliance with two of the largest media conglomerates, Times of India and Hindustan Times. A memorandum of understanding is signed with The Hindustan Times already and the second MoU with the Times of India group will be finalised soon.

"As part of the collaboration, AMCFZ will identify value propositions, projects and events that can be localised for the UAE market and be brought to Ajman.”

He said Egypt is also a key market and a MoU has been signed with Media Public Free Zone, one of the oldest media free zones in the Middle East region.

Another significant partnership has been signed with Egyptian Media Production City, he added.

Al Hashmi said that over the next few months, AMCFZ will engage with other key markets and organise a series of road shows and business visits to strengthen ties.

He added that the free zone is already receiving "very positive response" from key international markets.