free zone


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free zone

An area where merchandise, whether of domestic or foreign origin, may be admitted, deposited, stored, packed, exhibited, sold, processed, or manufactured. This merchandise may be removed to a point outside the territory of the state without being subjected to customs duties, internal consumer taxes, or inspection except for reasons of aviation security or appropriate narcotics control measures. Merchandise of domestic origin admitted into a free zone may be considered exported. When removed from a free zone into the territory of the state, the merchandise is subjected to customs and other required entry procedures.
References in periodicals archive ?
Dubai: The World Free Zones Organisation (World FZO) meeting, held in Tangier, Morocco, concluded with an agreement on a series of decisions and innovative solutions for upgrading free zones worldwide and comprehensively developing the relevant provided services.
He added that investors in the free zones were able to reach new markets after their exports were blocked to traditional markets, such as Iraq and Syria.
Dubai's flagship free zone entity, and a globally acknowledged trade and logistics hub for the wider Middle East region that spans from West Asia, the CIS, and Africa to the Indian Subcontinent, has been one of the key drivers of Dubai's phenomenal growth over the years.
The good news for the construction industry is that this extra profit is being re-invested into projects as free zone owners look to expand.
Mohammed Alzarooni said: "Since setting up in May this year, we have launched a multi-market and multi-stakeholder outreach program with a view to engage with free zones from around the world to ascertain the type and level of support they would require when it comes to knowledge and intelligence about the industry, networking for business development and operations management.
The agreement enables Etisalat implement global best practices to meet the telecommunication and ICT requirements of the free zone, and meet specific current and future growth objectives of the Fujairah Free Zone.
The Sales and Marketing Director of Free Zone Rishi Somaiya, presented last Tuesday at the Hilton Hotel in Nicosia three new specific opportunities in Ajman, mainly Smart Storage, Licensing and E-Business and offshore company creation.
In a bid to boost global investment and enhance trade among member countries, a Memorandum of Understanding (MoU) has been inked between the United Nations Industrial Development Organisation (UNIDO) and World Free Zones Organisation (WFZO).
Clusters and free zone business parks support increased productivity and efficiency with which companies can compete, enabling them to actually complement each other.
In his statement Mahmood Al Hashemi, said that "Pakistan is an important market for Ajman Free Zone and the investment from the country has been growing over the last few years.
According to real estate providers Cluttons, it is the fastest growing free zone in the UAE, with 2,033 new companies registered last year.
In a statement to SANA, Director Mohammad Katkout pointed out that these estimates are initial as they were reached in light of the information available on the free zones of Hassia and Adra that were partially subjected to terrorist acts.