Gold Magazine January - February 2014, Issue 34 | Page 14

interview

five minutes with...

Rishi Somaiya
Marketing Director, Ajman Free Zone Authority,
United Arab Emirates

W

ere you satisfied with
the response to last
month’s first global
investor summit held in
Cyprus?
Absolutely. As one of the business hubs
for European markets, Cyprus is a very
important market for us. It is one of our
core international high priority regions
for the future and we feel positive with
the response we received.
The event garnered more than 120 companies looking at Ajman as a potential
business zone.
What kind of people attended the two
days of presentations?
Our aim was to attract the business community, consultants and entrepreneurs as
well those who want to take advantage of
our excellent off-shore services. Among
the attendees were the business elite of
Cyprus, including top consultancy and
accounting names such as KPMG &
Deloitte. Even more crucial to us is that
they were very positive after attending
the summit and interacting with our top
team.
Today the UAE has over 36 free trade
zones so they have obviously proved
successful. But with no income or corporate tax payable, what is the gain for
the UAE?
Free zones are a catalyst in the development of the UAE as a top performing
global business hub. AFZA has helped
with the GDP and FDI primarily in the

Emirate of Ajman as well as the overall
economy of the UAE. Free zones are a
crucial part of the ecosystem that develops international business and encourages
business community to come together.
FDI not only brings in business investments. On a macro level, it leads to job
creation, the development of retail and
real estate, the utilization of our sea ports
and airports, and increased trade resulting in overall economic development.
With free zone growth, we will continue
to see a marked growth in infrastructure,
trading, talent and interest in the UAE.
­
Ajman’s new offshore company setup
services and facilities are described as
being for international investors and
consultants looking for lucrative and
safe investment destinations for their
clients. Doesn’t this put you in direct
competition with Cyprus?
Not really. What our offshore setup
facilities aim to achieve is a mutually
beneficial collaboration with our partner
business countries and communities.
What we offer is an excellent offshore
investment channel, which works as
brilliantly for a company with a base
in Cyprus when combined with a Free
Zone Company. We offer an alternative
investment destination that facilitates
entry into markets around us such as the
GCC, the Middle East and the voracious
market of the subcontinent with access
to consumerism of over a billion people.
Hence, we are not in direct competition
but instead we promote complementary

14 Gold the international investment, finance & professional services magazine of cyprus

partnerships and open new avenues for
investors by expanding their footprint.
Why should foreign companies choose
Ajman Free Zone rather than Cyprus?
What makes it special?
With the UAE now being a hub for
global travellers and businesses, Ajman,
being at the centre of the UAE, offers a
strategic location advantage. In addition,
investors will also enjoy a 100% tax free
and liberal business environment