Friday, March 29, 2024
News

Dubai free trade zone notches 25 pc growth in Israeli members

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Asia | May 28, 2023 2:38:46 AM IST
Tel Aviv [Israel], May 28 (ANI/TPS): Ninety-seven Israeli companies are now extending their global reach through the Dubai Multi Commodities Centre (DMCC) free trade zone, a 25 per cent 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 per cent 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 per cent 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.

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 centre 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. (ANI/TPS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE WORLD NEWS
8 people killed after pickup truck falls...
'Government's attempts to scare and inti...
Pakistan Tehreek-e-Insaf to hold rally o...
South Africa's former President Jacob Zu...
EAM Jaishankar shares glimpse from his t...
Earthquake of 4.6 magnitude jolts Afghan...
More...
 
INDIA WORLD ASIA
Eknath Shinde's Shiv Sena releases first...
'Was unwell, not being given treatment,'...
Jailed gangster-turned-politician Mukhta...
'Three parties have allied directly...':...
Uttar Pradesh: Security tightened in Ali...
'My father was being given slow poison; ...
More...    
 
 Top Stories
Columbia expels Argentina's diploma... 
Bunker demand surges in Sri Lankan ... 
Allu Arjun unveils his wax statue a... 
Elena Rybakina fends off Victoria A... 
Danielle Collins downs Ekaterina Al... 
"Absolutely baseless": Former UP DG... 
Grigor Dimitrov ousts top-seeded Ca... 
Telangana: Fire breaks out at vehic...