Search

Dubai free trade zone notches 25% growth in Israeli members

Benefits provided by the free trade zone include exemption from taxes and assistance with the visa process for employees and their families.

By TPS

Ninety-seven Israeli companies are now extending their global reach through the Dubai Multi Commodities Centre (DMCC) free trade zone, a 25% increase since January.

Nearly one-third of the Israeli companies are in precious metals and stones, financial services, technology and telecoms and professional services.

Other sectors include construction, engineering and machinery, media and marketing, energy, and food and agriculture.

Benefits provided by the free trade zone include exemption from taxes, such as no income tax for 50 years; 100% ownership of their companies; and assistance with company formation services and the visa process for employees and their families.

Ahmed Bin Sulayem, executive chairman and chief executive officer for DMCC, said, “I am personally delighted to see this 25% jump in members from Israel, which is further proof that Israeli companies believe in DMCC’s value proposition.

“In the coming years we will increase our focus on Israel and keep this incredible momentum moving forward. I am therefore confident we will see many more companies from Israel choose Dubai and DMCC to scale and access the global marketplace,” he added.

Read  Report: US leaked Saudi-Israel peace deal right before Hamas massacre

DMCC registered its most successful year yet in 2022 and now includes more than 23,000 companies from around the world.

A long-awaited free-trade agreement between Israel and the United Arab Emirates went into effect on April 1.

Meanwhile, in Morocco, the International University of Rabat (UIR) and Israel Aerospace Industries (IAI) signed a memorandum of understanding on Monday to establish a center of excellence focused on aeronautics, artificial intelligence research and innovation.

The agreement aims to strengthen cooperation and partnership in applied research, innovation, co-development and incubation.