Sharjah, the UAE city that’s often overlooked!
Anyone who knows anything at all about the United Arab Emirates (UAE) will surely have heard about free zones and their benefits. Certainly, as a member of the international business community, perhaps you’ve even thought about setting up a commercial enterprise in one. Thousands of business people from around the world have already done so and are reaping handsome rewards as a consequence.
Mention the UAE in conversation and most people immediately think of Abu Dhabi, the country’s capital city and seat of government, or Dubai, perhaps the most glitziest city anywhere in the Middle East. Dubai is the UAE’s largest city and one with an incredible reputation as a tourist playground and a thriving and successful business hub.
But there’s a third city that’s often overlooked from both the tourism and business points of view. Its name is Sharjah, surrounded by the emirate of the same name, and home to more than 800,000 people. The city is also famous across the Middle East as a centre for used cars. There are literally hundreds of second-hand car dealers in the city, some even involved in the import and export of used vehicles.
Naturally,
import financing and other banking services are vital if used cars or any other goods are bought from, or sold in, overseas markets. Such services not only provide a greater degree of security on both sides of any international trade transaction, but they also free up cash flow and other resources, thus leaving working capital free to help businesses develop and expand their activities. Naturally, banks charge for such services but business owners enjoy peace of mind.
At the centre of no less than three continents, Sharjah’s location is truly unique, giving businesses access to a growing market of 1.5 billion people. In fact, Sharjah is the only one of the seven UAE emirates with ports on the Arabian Gulf’s west coast and east coast with direct access to the Indian Ocean, and an international airport which connects to 230 cities. It also has a well-developed infrastructure, geared to industry at all levels to serve Gulf, regional and international markets.
Anyone looking to set up in a free zone has the choice of two - Sharjah Airport International Free Zone (SAIF-Zone) and the Hamriyah Free Zone, managed by the Hamriyah Free Zone Authority (HFZA). Thousands of companies both large and small from around the world have set up in each of them, not only enjoying the best of facilities, but also a string of incredible benefits, too. These include zero corporate and personal tax liability, 100% foreign ownership, 100% repatriation of capital and profits, and no foreign exchange controls.
SAIF-Zone opened for business in 1995 with a mere 55 companies. It now has over 4,000 companies from 91 countries operating out of it, covering some of the biggest names in the field of IT services, media, trading and manufacturing.
The zone covers an area of 6.1 million square meters and houses state-of-the-art facilities, air-conditioned and furnished executive offices, pre-built warehouses available in different sizes with adjacent office space, staff accommodation, leased land for unrestricted developments, container parking area, temporary storage space, restaurants, supermarkets, clinic, pharmacy, banks and a post office.
Hamriyah Free Zone offers seven strategic clusters comprising the Oil & Gas Zone; Timber Land; Maritime City; Petrochemical Zone; Construction World; Perfume Land; and Steel City complimented by E-Office packages. More than 60,000 people across 4,000 companies representing an incredible 125 nations have chosen HFZA as a launching pad for their businesses.
Further information about
Hamriyah Free Zone Authority can be found here.
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