By Mondaq / Mondaq
Ajman Media City Free Zone, the newest free zone in the United Arab Emirates. Headquartered in the Emirate of Ajman, Ajman Media City Free Zone has been formed with the express aim of matching the professional aspirations of individual entrepreneurs and businesses from across the world.
Ajman Media City Free Zone is dedicated to herald a new paradigm in the media free zone space of the United Arab Emirates thereby catalyzing the appeal of the emirate of Ajman as an investment destination.
Ahead of the official launch of the free zone, Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of the AMCFZ, said, "Globally, entrepreneurs and small- and medium-sized enterprises, SMEs, are widely considered to be vital to national economies. We are committed to supporting the small and mid-size business investors and offering easy and cost-effective services, which will help this sector and also boost the UAE's rankings in the global business destination list."
The AMCFZ has been developed as a customer-friendly zone, making the emirate of Ajman an international economic centre for investors and businesses, in line with the "Ajman 2021" Vision.
No deposit mandate offers big incentive to new business owners.
The Chairman announced a landmark decision to abolish all the security deposits related to visa process for new companies which set-up their base in Ajman Media City Free Zone.
He said: "We want new business owners to receive significant cost advantage and make it easier for them to set up a new business in UAE. This decision is one of the several advantages we offer to support the creative, media and entertainment industry.
We have identified key issues a potential investor faces when setting up a new business such as the cost of doing business, set-up costs, the regulatory requirements, and their expectations such as the availability of a long-term sustainable framework, which allows them to set up, operate and function with ease.
"We function as a facilitator and bring the investors, innovators and talent together, into this ecosystem, as innovation and entrepreneurship emerge and grow. This framework gives support and comfort to a new entrant or investor who wishes to invest in the UAE but who may not be familiar with the local laws, regulations and culture".
Strategic Collaborations in Key International Markets
Outlining recent developments and collaborations in the international markets, Mahmoud Khalil Al Hashemi, Executive Director of the AMCFZ, said, "In India, we have successfully created long-term alliances with two of the largest media conglomerates, The Times of India and Hindustan Times. A MoU has been signed with The Hindustan Times already and the second MoU with the Times of India Group will be finalised soon. As part of the collaboration, the AMCFZ will identify value propositions, projects and events that can be localised for the UAE market and be brought to Ajman."
Similarly, Egypt is a key market for the Ajman Media City, AMC, as the country is a pioneer in the business of media and entertainment in the MENA region, Al Hashemi explained. He said that over the next few months, the AMC will engage with other key markets and organize a series of road shows and business visits to strengthen ties with regional countries. "The free zone is receiving a very positive response from the key international markets already. The unique services offered by the AMC will support the economic growth of Ajman and also enable the emirate to play a bigger and more significant role in bringing a substantial economic boost to the UAE," he added.