Sharjah offers incentives to Indian investors

MUMBAI, APR 5: A team of Sharjah Free Zones Authority, led by the director general of Sharjah Airport International Free Zone (SAIF), Ham...

MUMBAI, APR 5: A team of Sharjah Free Zones Authority, led by the director general of Sharjah Airport International Free Zone (SAIF), Hamad Harith Al-Midfa did some hard-selling on Monday to attract Indian investors to set up businesses in the UAE’s free zones.

Hamriyah zone’s commercial director, Daniel Louio said Sharjah was an ideal base to access various markets in the region including the land-locked, CIS countries. Earlier, the officials from the zones had a business session with about 350 businessmen and made an elaborate presentation. Information on both zones are available on the internet in their web sites — saif-zone.com and hamriyahfz.com. Both Al-Midfa and Louio took time off to talk to this newspaper. Excerpts.

On Sharjah free zones:

Sharjah Airport International free zone (SAIF-Zone) has earned the distinction of the fastest growing free zone in the Middle East, registering about 600 per cent growth between 1995 & 1998. As on March 1999, Sharjah Airport free zone hasaround 335 companies in its fold covering almost all the continents. In this, trading sector leads the pack with 250 licenses, followed by services sector with 84 licenses and industries having another 43 licenses.

Established in November 1995, Hamriyah free zone is a new generation free zone that has banned the phrase red tape’ from its business directory and strives to create an integrated, far-reaching, business driven industrial community.

On locational advantages:

The SAIF zone is located adjacent to the Sharjah International airport, only a few minutes from the Port Khgalid on the Arabian Gulf and 120 kms from the port of Khorfakkan on the Indian ocean. The Hamriyah free zone is situated on a 10 sqkm strip of prime coastal land with a 14 meter deep water port which has dedicated petrochemical, bulk handling and general cargo berths capable of handling vessels up to 250 metres long. Both free zones enjoy an excellent strategic location which are connected to modern highways to both coastsof the UAE. This gives an advantage to any company requiring fast and efficient land, sea and air connections.

On why free zones are a suitable investment destination for Indians:More than 50 per cent of the employees in the free zones are Indians. This definitely gives prospective Indian investors an edge over others. Also, 47 per cent of the listed companies are Indian only. Major Indian companies like Godrej group has already started operations from the zone and is planning to go in for expansions. We are getting positive feed back from some of the well-known companies in India.

On Sharjah’s potential:Sharjah, apart from having 47 per cent of industries based in UAE, is also known for its strategic location, links to major ports and Sharjah international airports which is a major sea-air cargo hub and was awarded the global air cargo airport for the year 1999 by the European Institute for Transport Management. The International airport has direct connections to 14 Indian cities.Incidentally, Gulf Air will issue visas to Indians in 24 hours with effect from April 22. Modern network connects Sharjah to other Emirates with the Emirate of Dubai only 6 kms away.