The "Ajman Free Zone Authority," has been created, which will oversee the Ajman Free Zone and its sub-free zones, the Ajman Free Media City, the Al Zawraa Free Zone and any free zone established in the emirate in the future.

 

HH Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued Emiri Decree No 8 for 2021 for its establishment, a WAM report said. 

 

The authority aims to create an attractive investment environment for local and foreign capital, according to the highest international standards, as well as increase foreign direct investment (FDI), provide flexible solutions that will attract investment to local business sectors, and support the national economy.

 

The decree aims to keep pace with the UAE Government’s directives and its 50-year plan, including the launch of projects aimed at strengthening the country’s capacity to handle global economic developments, most notably during the recent period.

 

The decree also stipulates that the authority will appoint a board of directors whose membership will include a president, vice president and other members who are experts and are known for their abilities, as well as a secretary and an executive team comprising a director-general and several staff members.

 

The authority will help create promising job opportunities for citizens and preserve the rights and gains of free zones employees.

 

Under the decree, the authority will have a range of duties and powers, including being in charge of drafting strategic policies and plans related to local free zones, overseeing its implementation upon the approval of Sheikh Humaid, suggesting law bills, preparing studies, plans and programmes, and proposing the establishment of free zones in the emirate.

 

The authority will also regulate the investment environment in free zones, monitor and inspect their facilities to ensure regulatory compliance, provide and develop services, and establish necessary public facilities.

 

The authority will be in charge of issuing all types of licences, approvals and certificates related to investment and economic activities in free zones, and coordinate with relevant authorities to approve franchise agreements before their signing.

 

The authority will also coordinate with relevant national authorities to provide security and emergency services inside free zones, implement policies and controls regulating the movement of goods to and from free zones, establish companies owned by the authority, and deploy the funds of the authority in any commercial, financial, service and industrial activities according to enforceable laws.

 

The authority will represent the emirate before the federal government and in regional and international meetings and events.-- TradeArabia News Service