Ajman Free Zone secures 56 per cent purchases from small and medium enterprises and other AFZ-based firms during Q1 of 2021 as part of procurement strategy

AFZ believes that supporting SMEs is of great importance as they constitute the largest part of the companies doing business in the UAE

  
Ajman Free Zone secures 56 per cent purchases from small and medium enterprises and other AFZ-based firms during Q1 of 2021 as part of procurement strategy

Ajman Free Zone (AFZ) announced that small and medium enterprises (SMEs) and other companies based within the area formed 56 per cent of AFZ’s total purchases during the first quarter of this year. The above figure is divided to 25 per cent from the companies licensed in the zone and 31 per cent from the SMEs. These indicators reflect AFZ's commitment to provide all means to guarantee the growth and expansion of its companies, attract more investments, and enhance the diversity and resilience of the national economy.

These indicators reflect a significant growth compared to the percentage recorded during the same period of 2020, wherein purchases from SMEs amounted to 11 per cent and from companies located within AFZ reached 21 per cent.

AFZ believes that supporting SMEs is of great importance as they constitute the largest part of the companies doing business in the UAE. In addition, this sector is considered a vital contributor to the country's GDP and a vital resource for the national economy. Securing a percentage of the purchases from the local business community is an effective means to support national production, especially at the level of companies based in AFZ and Ajman as a whole.

H.E. Engineer Ali AlSuwaidi, Director General of Ajman Free Zone, said: “This contribution comes within the framework of our continuous commitment in supporting free zone companies and the business community within Ajman. This is in line with the government’s strategy to support national entrepreneurship and increase the momentum of SMEs, as they are the largest source of job opportunities in the private sector. These efforts contribute to enhancing the movement of supply and demand, as well as increasing the attractiveness and competitiveness of the local business environment. Moreover, this will boost the confidence of investors and foreign companies.”

AlSuwaidi added: “We will continue to provide all the facilities and economic accelerators as part of our efforts to empower national businesses and SMEs, all which exceeded 5000 within AFZ. We will work on expanding the scope of the subsidized procurement policy to include more companies in this sector. We are positive that this will facilitate the launch of their business, increase their ability to grow and expand, and enhance their contribution as a fundamental pillar for building a more diversified and resilient economy. This will drive our transformation toward the future economy based on innovation and knowledge.”

The subsidized procurement strategy falls within AFZ’s vision to increase the momentum of business, trade, and investment activities in the emirate. The vision also aims to advance further economic growth by supporting the local business community. This it will accomplish by providing a wide range of facilities and incentives, an attractive business environment for companies, and investment flows from different parts of the region and the world.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases