Ajman Free Zone (AFZ) has launched a new initiative through its overseas offices to attract small and medium enterprises (SMEs) with the aim of increasing its existing SME portfolio of investors by 30 per cent or more in 2017.

AFZ looks to attract SMEs which are potentially looking to expand globally and particularly to tap the local and re-export potential of the Middle East and North Africa (Mena) markets, said a statement.

AFZ said the global SME drive has been launched with the aim of increasing the free zone's existing SME portfolio of investors by 30 per cent or more in 2017.

Mahmood Al Hashemi, director general, AFZ, said: “SMEs are the undisputed engine of growth in many economies of the world and in our roadshows and interactions we have come face to face with a number of SME entrepreneurs who have expressed their intention to have a global hub, either through a small representative presence or through e-commerce license route, but were wary of venturing because of high investment costs.”

“We believe the salience of AFZ's investment solutions, tailor-made for SMEs in terms of its low initial investment thresholds followed by instalment-based flexible payment mechanisms offer exactly what these entrepreneurs are looking for,” he said.

Al Hashemi said that the global SME drive of AFZ was particularly focused on Asia and Europe this year and the initiative was expected to generate significant interest considering that the free zone has offices in the source markets of Europe and Asia.

Faisal Al Nuaimi, deputy director general, AFZ, said: “Our global offices across geographies have been instrumental in facilitating a steady flow of investments into the free zone and in turn contributing to FDI inflow into the UAE economy.”

“Globally, SMEs have been reported to be a robust and optimistic industry segment. Thanks to technological innovations, SME entrepreneurs these days have an increased appetite for global forays and we are confident that AFZ with its unique investment propositions, will be their first choice of investment destination,” he added.

The innovative investment solutions of AFZ which houses in excess of 15,000 SMEs now within its premises include business centres, smart offices, instalment-based payment schemes, modular warehouses starting from 100 sq m upwards. Coupled with these, AFZ also processes visas in 24 hours provision unprecedented convenience to investors.

Rishi Somaiya, Sales Director, AFZ, said: “The main focus of our SME imitative will be to target companies in the exports, trading and e-commerce space.”

“The advent of digital technology is a major boon for SMEs since they can do business cost-effectively across the world. In this context, global SMEs may only be looking for smaller hub setups in markets like the UAE, which will give them a vantage point to reach out to Mena and European markets and the AFZ SME solutions is the right fit for these enterprises,” he added.

He said the free zone's dedication to investment convenience and facilitation particularly for aspiring entrepreneurs were unique and evident in AFZ's concepts like business centre where investors can procure a trade license for a minimum of Dh11,000 ($3243). – TradeArabia News Service