Ajman Free Zone today announced that it has opened a representative office in Cyprus and has also entered into an alliance with Freemont Group, a business and corporate consultancy with offices in both Nicosia and the UAE.

In a statement, the free zone said that the alliance with Freemont Group will help the free zone woo and facilitate investments from Cypriot entrepreneurs who are keen to create a business base in the UAE.

“Bilateral relations between the UAE and Cyprus are robust with both countries supporting each other on economic and political affairs. The potential for trade and investments between the two countries are immense and we believe that setting up a representative hub in Nicosia will accelerate the cooperation further and in turn catalyze investments into Ajman Free Zone,” said Mahmood Al Hashemi, director general, Ajman Free Zone.

He said Ajman Free Zone continues to roll out out-of-the-box investment concepts like the Business Centre, and Smart Offices which offers higher cost-efficiency to entrepreneurs. “Our investment concepts are diverse and innovative and this has driven the growth of the free zone,” he added.

Setting up a representative base in Cyprus also signifies Ajman Free Zone’s keenness to tap investments from the larger European Union (EU) and neighbouring countries as the eastern Mediterranean country is at the intersection of European, African and Asian countries, he said.

Last year, the UAE opened its embassy in Nicosia, the capital of Cyprus, a move which has helped further accelerate economic and social cooperation between both the countries, and Ajman Free Zone, known for its proactive investment facilitation, stands to benefit from the robust mutual relations.

“Ajman Free Zone has continued to expand its reach to global markets taking its investment proposition to countries across the world with remarkable success. So far we have representative offices in India, Pakistan and Africa and our endeavour is to expand our reach to more global destinations in the near future,” said Rishi Somaiya, sales director, Ajman Free Zone.


Bilateral trade between the UAE and Cyprus stands at over $102 million as of 2015 and the potential is far more as the Mediterranean country is on a rapid economic recovery expanding the scope for sourcing more investments into Ajman Free Zone, he added.

Ajman Free Zone has consistently grown at 40 per cent year-on-year with investments from across the world, thanks to its superior business facilitation services and offers of installment-based schemes that are affordable to even new entrepreneurs.

“Flexibility is the cornerstone of our strategy and this makes investment platforms of Ajman Free Zone unique and pioneering in the entire UAE. Our fruitful interactions with Cypriot entrepreneurs make us confident that Ajman Free Zone will be their choice of destination when they set up their businesses in the UAE,” added Rishi.

Ajman Free Zone’s Smart Offices and Executive Offices offer cost-effective options to investors. The free zone offers 100 per cent foreign ownership, comparatively cheap labour structure, proximity to sea and airports backed by the excellent transport infrastructure of the UAE.  Ajman Free Zone also offers cheap energy, an up-to-date technology backed infrastructure, low handling charges and a single window clearance for investors with licenses issued within 24 hours in most cases. – TradeArabia News Service