Industrial facilities in free zones up to more than 820 facilities in 7 years

Al Hanoo Holding participates in the forum, organized by the Economic Development Department and the Economic and Business Meeting, as a strategic partner, alongside a number of gold and diamond sponsors. Al Hanoo's partnership was recently announced during a press conference.

Said Sheik Abdullah Fahid Al Shakrah, Chairman of Al Hanoo Holding, of the partnership, "Sharjah has made big and steady strides towards achieving industrial growth, and has earned a remarkable status among leading economics, all due to sound planning, minute analysis of economic developments, and diversification of investments, especially on the industrial front."

"We have always been keen on supporting any efforts that strive to improve the economy of the emirate. Our support to Sharjah, which continues to provide services and facilities to investors, persists through this strategic partnership with the Sharjah Economic Districts Forum 2009," he added.

The emirate of Sharjah has what it takes to be an investment magnet: it covers a total area of 2590 square kilometers, its coast runs 20 kilometers along the Arab Gulf and 80 kilometers into Oman bay, and it is the only emirate that has borders with all emirates of the UAE, as well as with Iran and Oman, boasting outstanding views over the west and east coasts. With these factors in mind, Sharjah's economy is expected to grow rapidly in the coming period.

Sharjah has two free zones, namely Al Hamriya Free Zone and the Sharjah International Free Zone. Al Hamriya Free Zone was established in 1995, starting out as an area of 15 million square meters, which has since expanded to over 22 million square meters.

Both free zones have achieved outstanding growth rates in the number of industrial facilities and investments it hosts, with industrial facilities rising from 180 facilities in April 2001 to more than 2000 in mid 2008, and investments rising from $500m to $2bn during the same period.

The number of companies active in the Sharjah International Airport Free Zone rose from 560 in April 2001 with total investments of Dhs5bn, to more than 2700 companies in mid 2008. Most of these companies are focused on trade and import/export operations.

The Arab Homeland has more than 35 free zones. The first free zone was established in 1980 in Jebel Ali, and its huge success contributed greatly in attracting a flow of foreign investments to all parts of the country.

Many experts agree that the Freehold law, taxation relief for individuals and companies, the ability to return assets or profits to the investing country, no import fees or restrictions, and regulatory relief, are key factors in the success of investments in these free zones.

The GCC and local investment experts believe that free commercial zones have contributed greatly to the commercial and industrial growth of the country, in addition to its role in increasing UAE's non-petroleum exports to 80%.