|07 August, 2019

Abu Dhabi's Kizad slashes fees to attract industries, investments

The industrial zone has attracted more than 500 investors and more than 65 billion dirhams in investment

Image used for illustrative purpose. Modern Buildings In City Against Sky During Sunset Photo Taken In United Arab Emirates, Abu Dhabi.

Image used for illustrative purpose. Modern Buildings In City Against Sky During Sunset Photo Taken In United Arab Emirates, Abu Dhabi.

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Abu Dhabi will offer 75 percent of its services free of charge and will reduce fees of other services by up to 75 percent at Khalifa Industrial Zone Abu Dhabi (KIZAD) from this month to boost investments into the emirate.

The move to reduce charges by KIZAD, an Abu Dhabi Ports subsidiary, is in line with Abu Dhabi Government’s drive to boost the emirate's non-oil industries.

“We continue to support the government initiatives to build an investor-friendly environment by providing our partners and customers with the incentives they need for their businesses to grow," said Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports.

The exemptions are aligned with Ghadan 21, the three-year, AED 50 billion Development Accelerator Programme for the emirate.

“The cost of setting up and maintaining a successful business at KIZAD is more achievable now than ever before. It is an ideal opportunity for companies of all sizes to benefit from such incentives," said Al Shamisi.

Launched in 2010, KIZAD has attracted more than 500 investors and more than 65 billion dirhams in investment across multiple sectors, including metals, polymers, oil and gas, automotive, food, energy and logistics.

Last month, the UAE's Ministry of Finance announced significant reductions in fees of more than 1,500 federal government services. Three main federal ministries - Ministry of Interior, Ministry of Economy, and the Ministry of Human Resources and Emiratisation - were at the forefront of the cancellation or reduction of fees, including licenses and service charges.

(Editing by Seban Scaria seban.scaria@refinitiv.com) 

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