free zone


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Related to free zone: Free trade zone

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 ?
De Silva further stated that Hayleys Free Zone had already commenced the process of re-containerizing the cargo prior to this case being filed.
"Ajman Free Zone is a key catalyst for the Emirate's socio economic growth and this digital transformation will indeed help the organisation achieve strategic objectives", said Khaled Ismail, vice president, Business Applications, Oracle Digital.
During the ECC meeting, Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood suggested that the government should not give special tax incentives to the Gwadar Free Zone, officials told The Express Tribune.
Commenting on the agreement, Salem said the agreement was another step forward towards smart transformation for Ajman Free Zone, especially since the online auctions saves both time and effort, which contributes to enhancing efficiency and facilitating transactions.
Exports from the UAE's free zones totalled Dh225.5 billion in 2017, a growth of 6.6 per cent from the previous year, according to the Central Bank of the UAE data.
Meanwhile, the Dubai Multi Commodities Centre (DMCC) -- ranked as the world's best free zone by the Financial Times' fDi Magazine for three years in a row -- contributes around 10 per cent of GDP, andDubai Airport Freezone Authority contributed 7 per cent to Dubai's non-oil trade during 2017.
His Highness Sheikh Ahmed bin Saeed Al Maktoum said that over the past decades, free zones have been instrumental in increasing Dubai's GDP and FDI inflows that are experiencing high annual growth despite the prevailing global economic climate.
He added that the 'FZExchange' project aims to help investors in the free zones gain easier access to the financial and capital markets by creating a simplified regulatory environment that facilitates lower costs and speedier procedures, while 'Dubai Blink' will be one of the world's first blockchain and AI enabled digital free zone platform which enables companies from around the world to connect with each other for trading purposes.
Exports by companies registered with the UAE's free zones amounted to Dh225.5 billion ($61.39 billion) in 2017, a growth of 6.6 per cent from the previous year, according to the UAE Central Bank.
Conditions applicable to free zone establishments requesting to work in the service activities within Dubai include providing an electronic link for the exchange of information and data between the free zone concerned and DED.
The Summit, co-organized by the Special Economic Zone Authority in Duqm (SEZAD) and Free Zone Watch (FZW) included three panel discussions that included a number of presentations by SEZAD, Salalah Free Zone, Sohar Port, Sohar Free Zone, Al Mazyounah Free Zone and other industrial estates.
Sharjah's Hamriyah Free Zone recently has unveiled a $100m petroleum storage terminal for the Sharafco Group with capacity to store 80,000 cubic metres of oil.