Jebel Ali Free Zone (Jafza), the most central element of Dubai and an eminent trade and logistics center point for the Middle East. It is presently home to over 800 leading Indian companies with a growth of 10 percent in 2014 in the free zone. The major key markets in the free zone region are served by the Indian companies from their regional base in the free zone. Jafza also covers the West Asia, the CIS, Africa and Indian subcontinent.
According to the Chairman of DP World and Ports, Customs and Free Zone Corporation, Sultan Ahmed bin Sulayem , UAE and India appreciate an extremely solid obligation of companionship which is established on hundreds of years old cultural and financial cooperation between the two nations. During the 1990s, Dubai’s development as a trading hub in the region had a key role in improving the bilateral trade between the UAE and India. India has now become the biggest trading partner of the UAE. As mentioned earlier in the blog, being home to over 800 leading Indian multinationals, Jafza has assumed a key part in reinforcing exchange relations between the two nations. In order to enhance the two countries bilateral relations, Jafza aim is to attract as many more top leading companies to its free zone.
Due to the depletion of the oil prices, majority of the countries in the Middle East are looking for ways that can help them broaden their economies so that they can stop being so reliant on oil. In order to support non-oil business activities, these nations are assessed to be spending more than $4 trillion in order to develop an economic base that will help support non-oil business practices. The large investment is intended to help boost many other economic sectors which include healthcare, education, food and beverage, transport, hospitality, communication and many more.
Expo 2020, being the world’s third largest global event is set to further enhance not only Dubai’s infrastructural associated activities, but will also help boost other emirates in the UAE and its neighboring nations.one of the ways that the event will benefit the countries is by bringing in more than 25 million overseas visitors to Dubai during the duration of the six-month show. Indian investors will have ample opportunities that they can capitalize on due to the Expo.
West Asia (which include GCC, the CIS and Africa) are some of the markets served by the extensive number of top Indian multinationals various sectors that have their regional base in Jafza. Jafza-india non-oil trade in 2014 was $4 billion which shows that it has increased three times as much in the last ten years.