Latest news with #FreeZones
Zawya
3 days ago
- Business
- Zawya
Dubai Free Zones Council reviews initiatives to advance sustainable growth
The Dubai Free Zones Council (DFZC), chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, held its 31st meeting to discuss strategic initiatives aimed at supporting sustainable economic growth and enhancing the global competitiveness of Dubai's free zones. The Council underlined the importance of fostering a flexible and integrated legislative environment to support business operations and boost investor confidence. The meeting began with a review of the progress made in implementing the guidelines of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) across Dubai's free zones. Discussions focused on alignment with the National Risk Assessment (NRA) outcomes, data integrity, operational challenges, and overall compliance readiness. Council members also reviewed the requirements issued by the National Committee, including targeted practices and the roadmap for the 2025–2027 assessment cycles. A set of recommendations was presented to improve compliance efficiency and support the UAE's preparedness for upcoming evaluations. A key focus of the meeting was the implementation of Executive Council Resolution No. (11) of 2025, which regulates the operations of free zone entities in Dubai. The Resolution is a major milestone, allowing businesses to expand locally without the need to establish new legal entities. The Council reviewed the Resolution's implementation phases, dual licensing criteria, and integration with digital platforms, aligned with global competitiveness benchmarks and the Dubai Economic Agenda (D33), which seeks to double the size of the emirate's economy over the next decade and position Dubai among the top three global cities. Discussions also covered efforts to streamline procedures and ensure a seamless experience in obtaining services and licences from local and federal entities, particularly for activities that require external approvals. The Council addressed challenges related to overlapping jurisdictions and procedural inconsistencies. Proposed solutions included full digital transformation, the adoption of unified standards, risk-based classification of activities, and the fast-tracking of strategic projects. The meeting also included updates on the development of special economic zones, a review of the Council's achievements, and a discussion of key strategic initiatives.
Zawya
3 days ago
- Business
- Zawya
True finance Leasing & Factoring takes legal action against those impersonating its name and files a complaint with «FRA»
True finance Leasing & Factoring Co. announced that it has initiated legal action against entities that are unlawfully exploiting its name or trademark, stressing that it will not tolerate any reticence in protecting its legal and commercial rights. In an official statement, the company stated that it has filed a complaint with the Financial Regulatory Authority against Shahry For Consumer Finance for using a name and trademark similar to "True Finance." The company uses the name "Tru Finance" without obtaining a license or prior permission, in violation of the applicable laws and regulations. True finance explained that «Shahry» uses the name and trademark in its marketing and commercial activities in a manner that creates confusion among customers and misleads them about the service provider. The company asserted that it suffered damages as a result of this illegal use, particularly in the media, as the company in question promotes itself as True finance, in clear and explicit violation of applicable legal regulations. True finance also filed another complaint with the General Authority for Investment and Free Zones, stating that this impersonation directly harmed it and led to significant confusion in customer transactions in the market. The company emphasized that it has no legal or commercial relationship or partnership with Shahry For Consumer Finance or its application, issued under the name TRU Finance, and affirmed that it completely disclaims any liability for any transactions conducted through this application. The company has provided financing exceeded EGP one billion pounds as of June 30, achieving a 110% year-on-year growth in profits. As part of its expansion, True finance Leasing & Factoring recently entered the factoring sector, targeting the education, energy, and industrial sectors. In a strategic move, it led a EGP 1.5 billion financing consortium for one of the largest real estate entities, serving as the financing manager and promoter. It's worth noting that Emirates NBD Leasing was established in 2008 and was owned by Emirates NBD. In early 2022, it was acquired by Taj Holding for Financial Investments, transforming it into True finance Leasing & Factoring. Its board of directors is chaired by Mr. Mohamed Afifi, who has extensive experience in the banking sector and non-banking financial activities. Its headquarters are located in the South Business Park in Cairo Festival City, New Cairo.
Observer
18-06-2025
- Business
- Observer
Freehold ownership to drive SEZ investment
MUSCAT, JUNE 18 The opportunity for foreigners to own residential property on a freehold basis in Oman's Special Economic Zones (SEZs) and Free Zones is expected to significantly enhance the investment appeal of the Sultanate's expanding portfolio of industrial and economic hubs. This provision is a key feature of the Law of Special Economic Zones and Free Zones, promulgated under Royal Decree 38/2025 on April 7, 2025, and effective from April 14, 2025. Article 42 of the law, titled Land Allocation and Freehold Sale of Units, states: 'A real estate developer may sell the units of these projects to non-Omanis—whether they are natural or legal persons—as freehold, in the manner specified by the regulation.' An explanatory note published by the Public Authority for Special Economic Zones and Free Zones (OPAZ) clarifies that land for real estate development projects within SEZs is allocated through usufruct rights. However, under the new law, developers may sell residential units within these projects to non-Omanis on a freehold basis. 'It permits real estate developers to sell project units to non-Omanis under the freehold system, a legal framework that allows buyers to fully and permanently own property without restrictions on the ownership period. In other words, individuals possess absolute ownership of the property and may dispose of it in accordance with the regulations set forth by the Authority,' OPAZ stated. 'This type of ownership presents an attractive option for investors and buyers seeking long-term stability and permanent property ownership,' the Authority emphasized. Until now, freehold property ownership for foreigners was limited to Integrated Tourism Complexes (ITCs)—zones designated by the Ministry of Heritage and Tourism. As of mid-2023, around 19 ITCs were operational or under development across Oman, offering thousands of residential units for foreign investment. In March 2025, the Ministry announced that 13 additional ITCs are under development, with a further 12 in the pipeline, as part of efforts to strengthen investment in Oman's growing tourism sector. With the extension of freehold ownership rights to SEZs and Free Zones, Oman is poised for a surge in foreign investment in residential real estate, particularly in high-growth industrial and logistics hubs. OPAZ currently manages an extensive portfolio of 23 investment zones, comprising SEZs, free zones, industrial cities, economic cities, an airport free zone, and a dedicated IT park. Several more developments are in early planning or construction stages, aligning with Oman's national drive for economic diversification, industrial resilience, job creation, and foreign direct investment (FDI) attraction. As of end-2024, the total volume of investments in OPAZ-managed assets rose by 10% to approximately RO 21 billion. The Special Economic Zone at Duqm (SEZAD) accounted for RO 6.3 billion, while free zones collectively attracted RO 6.6 billion. Meanwhile, industrial cities saw cumulative investments reaching RO 7.6 billion.
Zawya
13-05-2025
- Business
- Zawya
Industrial Ministerial Group reviews free zone, golden licence requests prior to Egypt's cabinet consideration
Egypt - The 23rd meeting of the Industrial Development Ministerial Group was chaired by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir. The meeting was attended by Minister of State for Military Production Mohamed Salah El-Din, Minister of Electricity and Renewable Energy Mahmoud Ismat, Minister of Public Enterprises Sector Mohamed El-Shimy, Minister of Environment Yasmine Fouad, Minister of Investment and Foreign Trade Hassan Al-Khatib, President of the Federation of Egyptian Industries Mohamed El-Sweidy, Head of the Industrial Development Authority Nahed Youssef, as well as representatives from various ministries, authorities, and senior leaders from the Ministries of Industry and Transport. At the outset, Al-Wazir clarified that, in alignment with the directives of President Abdel Fattah Al-Sisi and Prime Minister Mostafa Madbouly, the Industrial Development Ministerial Group is tasked with reviewing all requests submitted to the Cabinet regarding the establishment of free zones or the issuance of golden licences. These requests must first be evaluated and approved by the Group before being presented to the Cabinet. He stressed that all the relevant ministers and authorities involved in the evaluation and approval process are represented within the Ministerial Group to ensure efficient coordination and decision-making. Al-Wazir also highlighted the government's commitment—under the direction of the political leadership and the Prime Minister—to attracting foreign and Arab private investment. This includes encouraging partnerships with public sector factories, optimizing the use of available resources, and maximizing the return on underutilized state-owned assets. The overarching goal is to benefit the Egyptian economy while creating attractive investment opportunities. During the meeting, the committee reviewed a request from a private sector company seeking to partner with the Misr Helwan Spinning and Weaving Company, a subsidiary of the Holding Company for Cotton, Spinning, Weaving, and Clothing. The proposed partnership would allow the private entity to utilize a portion of the factory to produce its goods. The committee approved the request, with the Minister reaffirming the Ministry of Industry's firm commitment to the political leadership's directives to safeguard state-owned assets—especially industrial infrastructure. He emphasized that metal structures and concrete buildings in public sector factories and facilities should be preserved and maintained rather than demolished, to make full use of existing infrastructure and reduce the capital cost of establishing new production facilities. 'This approach,' Al-Wazir stated, 'will significantly reduce the financial burden of building new plants and launching industrial projects from scratch.' He added that the Ministry is working closely with relevant stakeholders to develop clear technical and engineering standards for assessing the current condition of industrial facilities, determining the most effective methods for maintenance and modernization. He further explained that underutilized or adjoining land will be developed either internally or through partnerships with the private sector, via leasing agreements or by selling land at its fair market value. This strategy aims to enhance the value of existing assets and make them a cornerstone of the country's sustainable industrial development plans. The group also reviewed a request from a company applying for a golden licence to establish a soda ash production facility in New Alamein, with an estimated investment of $640 million. The project's economic indicators and environmental assessment were presented during the meeting. The committee agreed on the necessity of conducting a comprehensive study covering key aspects such as electricity consumption, operational costs, environmental mitigation measures, and sludge management systems. Al-Wazir announced that a subcommittee would be formed from within the Ministerial Group to evaluate the project in detail and ensure it complies with environmental regulations. He emphasized that no industrial waste would be permitted to be discharged into the sea or injected underground—regardless of the project's economic benefits—in order to protect groundwater, soil quality, and ecological balance. Compliance with environmental standards, he noted, is a non-negotiable prerequisite for licensing and operating any industrial project. The Ministry of Industry, he added, adheres to a clear policy that balances economic development with environmental sustainability. The Minister also highlighted a study prepared by the Arab Organization for Industrialization proposing the establishment of an MDF (medium-density fiberboard) production plant using palm fronds. The proposed facility, which would have an annual capacity of 100,000 cubic meters, is to be built in partnership with German investors in the South Valley Governorate, home to more than 4 million palm trees. The initiative aims to convert palm waste into industrial raw materials, instead of burning or burying it. Al-Wazir underscored the importance of developing an integrated industry around palm waste, suggesting that the existing Qena facility be used as a pilot site for six months to test production processes. If successful, the pilot would pave the way for a full-scale manufacturing plant. Additionally, the meeting reviewed a golden licence request for an agricultural processing project in Sadat City. The request was approved, contingent on the completion of necessary industrial permits. The Minister reaffirmed that golden licences are reserved for strategic projects, and emphasized the need for expedited issuance of all required approvals to facilitate timely implementation. A separate study on Egypt's mining resources was also presented, highlighting their critical role in supporting the country's industrial development. Al-Wazir stressed the importance of maximizing value-added production and increasing the export of processed minerals—particularly calcined kaolin—after satisfying domestic demand. The study recommended measures to raise the concentration of phosphate ore to above 25% in order to produce higher-value products and support the local manufacturing of fertilizers and chemicals. It also addressed challenges related to the availability of strategic raw materials, especially given the global increase in demand. The Minister emphasized the necessity of minimizing waste in the use of high-quality limestone and promoted alternative uses such as producing concrete bricks from recycled materials. The meeting concluded with a discussion on the potential for expanding the white sand sector and associated mineral industries. The committee recommended upgrading existing mining infrastructure, expanding production of rock wool, and enhancing connectivity between industrial zones and mining areas to ensure efficient resource utilization. These efforts aim to boost the national economy and strengthen the competitiveness of local industries.
Trade Arabia
10-05-2025
- Business
- Trade Arabia
AD Ports Group reports double-digit growth in Q1
AD Ports Group has announced has reported an impressive double-digit growth in the first quarter of 2025, from top-line to bottom-line, driven by the Ports, Economic Cities and Free Zones (EC&FZ), and Maritime and Shipping clusters. In Q1, AD Ports Group recorded revenue of AED4.60 billion ($1.23 billion), marking an 18 percent year-on-year increase, driven by strong performance in Ports, Economic Cities and Free Zones, and Maritime and Shipping clusters. Group EBITDA amounted to AED1.14 billion in Q1 2025, translating into a 9 percent YoY growth, driven by a 17 percent YoY increase in Ports, 10 percent YoY in Maritime and Shipping, and 7 percent YoY in Economic Cities and Free Zones (Group EBITDA Margin stood at 24.7 percent in Q1 2025). Total net profit soared 16 percent YoY to AED464 million, mainly driven by the operating performance. Earnings Per Share (EPS) for the quarter stood at AED0.07, implying a 14% YoY increase. Capital expenditures (CapEx) for the first quarter of the year reached AED954 million, with majority of cash outlays going into Economic Cities and Free Zones, Ports (including AED182 million going into new and renewal of ports concessions), and Maritime and Shipping assets. Capex intensity continued to decline, reaching 21 percent of Group revenue in Q1 2025, vs. 33 percent in Q1 2024. Operating Cash Flow, which amounted to AED725 million in Q1 2025 compared with AED781 million in the same period in 2024, was primarily impacted by the timing of collections, and thus unfavourable working capital changes. Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, said: 'The positive momentum from our record 2024 financial results continued into the first quarter of 2025, as our resilient and value-adding business ecosystem of interrelated trade, transport, and logistics businesses weathered prevailing macroeconomic and geopolitical uncertainties to drive strong, double-digit growth in revenue and net profit. "The Q1 solid growth was driven by our Ports, Economic Cities and Free Zones, and Maritime and Shipping clusters, which continue to benefit from our agile response to ongoing geopolitical crises and our ongoing investments in core infrastructure amidst our international expansion.' He added: 'In line with the vision of our wise leadership in the UAE, we will continue to follow this prudent, profit-enhancing 'intelligent internationalisation' strategy this year as we carefully navigate the turbulence around us to maintain course and position of AD Ports Group, and Abu Dhabi, as world leaders in sustainable trade, transport, logistics, and economic development, drawing on the latest AI and technology innovations.'
