UMM AL QUWAIN, UAE, July 6, 2020 - UAQ’s Risk Mitigation Measures contribute to post COVID-19 economic recovery of the 7000+ investors - large, medium, small and micro - in the Umm Al Quwain Free Trade Zone, one of the fastest-growing Free Zones in the MENA Region.
The Umm Al Quwain Free Trade Zone Authority took a series of steps in late March 2020 to ensure business continuity for its existing investors in the wake of the COVID -19 outbreak. These have been helping several SMEs and microbusinesses operating in the Free Zone to overcome serious cash flow challenges in the months following the outbreak to retain their workforce and sustain their businesses. The innovative incentives which included rental holidays, license extensions and reduction in service fees, helped business reassess and reboot themselves to buffer the business impact of the pandemic.
Speaking about this economic response, Sheikh Khalid Bin Rashid Al Mu'alla, Chairman of UAQ Free Trade Zone said: “Sustainability in the face of this unprecedented crisis is what every investor needs right now. The Government of UAQ has the best interests of our investors in mind and our new business support plan reflects this. We express our support and solidarity with all our investors.”
A business set-up package that delivers a cost saving of 25% had been designed for new investors too, to help businesses optimise their financial resources and explore emerging opportunities in the evolving market.
UAQ FTZ’s best-value e-commerce licenses are another great investment opportunity for businesses venturing into online markets. It helps start-ups explore an asset-light model to build their businesses without any risk.
The Free Zone’s proactive policies to help businesses reduce their Capex costs, sustain minimum liquidity levels and protect their long-term solvency, make UAQ FTZ one of the most bankable investment partners in the MENA Region.
About UAQ FTZ
Umm Al Quwain Free Trade Zone is a fast-growing logistics and business hub in the MENA region which offer a host of benefits that include 100% foreign ownership, 100% repatriation of capital and profits, zero currency restrictions, 100% import and export tax exemption within the free zone, simple and fast registration process, excellent customer support, no restrictions on hiring foreign employees, and many other modern and investor-friendly rules & regulations.