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Ajman Free Zone achieves 33% growth in new companies during Q1 2021

Ajman - Strategic location strengthened AFZ’s position as a major contributor to total exports and volume of re-exports in Ajman by 24% and 22% respectively

The Ajman Free Zone (AFZ) has witnessed a growth of 33 per cent in the number of new companies registered with it during the first quarter of this year, compared with the same period of 2020.

The total number of new companies registered in the free zone reached 492 during the first three months of 2021, compared to 269 companies in the same term last year. This comes as a continuation of AFZ’s solid performance during the past year, considering the growing confidence of the business community in the potential and competitiveness of Ajman.

The education sector, which includes training, educational counseling and freelancing, continued its steady growth, recording 39 per cent during the first quarter this 2021. With this, the total number of academic-related institutions and research centres now exceed 170. This solidifies the leadership position of AFZ as a driving force for the continuous development of the education system.

The technology sector also achieved a growth of 23 per cent, as a result of proactive investment efforts in the said industries. This is in line with the Ajman 2021 vision, which is diversifying the economy to become the cornerstone of sustainable development for the well-being of its residents.

AFZ also proved an attractive environment for healthcare institutions. Specifically, it witnessed a 34 per cent growth in new companies registered in the health sector, thanks to advanced infrastructure, vital facilities, and a strategic location.

Moreover, AFZ continued its active contribution in total exports, as well as the volume of re-exports in the emirate, recording 24 and 22 per cent, respectively, during the first three months of this year. This achievement reflects the success of the economic zone’s ambitious expansion plan to attract more national and international firms, as well as foreign direct investments (FDI). This enables them to benefit from the investment and commercial opportunities available in Ajman and in the UAE.

Ali AlSuwaidi, director general of Ajman Free Zone, said: “The operational performance results for the first quarter of 2021 showed tangible and steady progress across various economic and investment activities. Our achievement mainly comes due to the success of our approach, which aims at laying the foundations for innovation and accelerating the pace of smart transformation. This will ensure the continuity of services, solutions, and facilities to meet the changing needs of both local and international business communities.”

AlSuwaidi added: “Our impressive performance continues as a result of our firm commitment to strengthening our digital platforms, which have shown remarkable success in terms of speeding up service delivery within short time frame and optimally investing available resources to better support our expansion plan in the UAE, as well as in the regional and global markets.”

Furthermore, AlSuwaidi remarked that education and technology remain at the forefront of the fast-growing sectors in AFZ, and that they are continually developing the economic zone’s digital and legislative infrastructure, as well as enhancing its readiness to keep pace with the rapid changes of global economies.

“We at AFZ are keen at providing more incentives to facilitate more businesses and investments across health, education, and technology sectors, which are solid pillars for building a resilient, competitive, and sustainable economy. We also aim to empower investors and companies to access the main growth markets directly through our customer portal, which continues to provide integrated services, innovative solutions, and advanced platforms that serve their current and future expansion plans,” he said.

business@khaleejtimes.com