Jebel Ali Free Zone (Jafza), the UAE’s biggest trade and logistics hub, has brought in regulations to give companies flexibility in how they set up shop, as it seeks to boost investments.
The cornerstone of the new regulations, Jafza said on Tuesday, is the option for companies to transfer to the free zone and continue operations without having to open a new branch or establish a new company, it said.
“For the first time Jafza has brought together all the legal entities such as the Free Zone Establishment (FZE), Free Zone Company (FZCO) and Branches under one regulation and has introduced a new legal definition such as Public Listed Companies (PLC),” Jafza said in its statement.
“Companies can restructure and rearrange their operations by converting from an FZE or FZCO to a PLC and vice versa, enabling continuity of business in the free zones. Foreign companies will also be able to transfer to the free zone keeping intact all their commitments so attracting international business to the Jafza.”
Jafza said in September that its first-half profit last year increased by 13.5 per cent as operational performance improved and costs were reduced on the back of an early bank repayment in 2015.
Net income increased to Dh588 million in the first six months of 2016 compared with Dh518m in the same period a year earlier. Revenue increased by 5.8 per cent to Dh978m versus Dh924m in the same period a year earlier, it said.
At the same time, 242 new customers were added during the period compared with 313 new customers added during the same period a year earlier.
The free zone, established in 1985, is home to thousands of businesses from more than 100 countries that employ over 144,000 people. The zone attracts 32 per cent of the UAE’s foreign direct investment, according to Jafza’s website.
mkassem@thenational.ae
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The specs
Engine: 3.0-litre six-cylinder turbo
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Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Transmission: 8-speed Tiptronic automatic
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COMPANY%20PROFILE
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Company%20Profile
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
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SPECS
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Company%20Profile
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Company%20Profile
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The%20specs
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Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.