There are currently over 90 retailers and brands operating in the Gold & Diamond Park developed by the Emaar Malls Group
Dubai-based free zone operator, Jebel Ali Free Zone (Jafza), will now manage licencing, registration, visas and other related activities of another free zone in the emirate – the Gold & Diamond Park – the latter of which was developed by the Emaar Malls Group.
There are currently over 90 retailers and brands operating in Gold & Diamond Park, which will now be governed by Jafza’s free zone rules.
Jafza will handle all regulatory activities such as licences and registration for companies, individuals and other entities that operate within Gold & Diamond Park, as part of the agreement signed by Mohammed Al Muallem, CEO and managing director of DP World, UAE Region, and CEO of Jafza, and Bader Hareb, CEO, Emaar Development on Wednesday.
Established in 2011, the Gold & Diamond Park located on Sheikh Zayed Road includes a total of 96 retail spaces, 108 purpose-built manufacturing blocks and 245 offices.
“As the UAE and Dubai prepare for rapid shifts in a post-pandemic business environment, existing companies and new investors alike will demand new levels of support that takes care of all their licencing, registration, visas and other regulatory requirement, so they can focus on strategising their business plans with confidence. At Jafza, we have evolved a sophisticated and efficient legal infrastructure to meet all contingencies,” said Ahmad Al Haddad, COO Parks and Zones – DP World, UAE Region.
Hareb meanwhile added: “Companies now have the option to hold 100 per cent ownership of their business in addition to extended employment visas of three years. Emaar Malls Group is honoured to work with such a reputable partner like Jafza and are excited to implement positive regulations to assist our retailers.”
In July, Jafza reported that it had recorded a 10.6 per cent year-on-year growth in the retail and e-commerce sector with a total trade value of Dhs37.6bn for 2019.
Jafza houses over 8,000 businesses from 140 countries, with over 10,000 people operating within the free zone.
Gulf Business. September 3, 2020.