Masdar freezone reports major growth at GMIS
Masdar City, one of the world’s most sustainable urban developments, has showcased its emergence as a clean-tech cluster at the Global Manufacturing and Industrialization Summit 2017, taking place from March 27-30 at the Paris-Sorbonne University in Abu Dhabi.
The fastest growing free zone in Abu Dhabi, and the Middle East’s first clean-tech cluster integrated with a world-class research institute, Masdar City is highlighting its success in attracting knowledge-based private enterprises, including multinational companies, SMEs and freelance business owners.
The free zone secured 147 new company registrations last year alone, and today it hosts more than 450 companies from six continents, including Siemens, Lockheed Martin, General Electric, and Schneider Electric.
According to Mohammed Al Fardan, Director of Masdar City Free Zone, the free zone’s impressive growth can be attributed to customer service innovation.
“We’re delivering a unique value proposition, combining Masdar City’s role as a clean-tech cluster with the benefits of a sophisticated free zone,” he said. “Our target is to quadruple company occupancy by 2020, and to build on Masdar’s existing close partnerships with clean-tech leaders around the world.”
Masdar City’s free zone benefits include 100 per cent foreign ownership, exemption from corporate and personal income taxes, zero per cent import tariffs, and access to R&D partnerships through the Masdar Institute of Science and Technology.
“Masdar City is building the region’s first dedicated renewable energy and clean technology free zone,” Al Fardan added. “Last year, we introduced new incentives to encourage not just large businesses, but SMEs and freelancers as well, and even clients needing only a single office desk.”
Masdar City introduced new license benefits for individuals wishing to register as businesses last October. The free zone now waives minimum share capital requirements, has lower registration charges, and offers direct access to tenant and client networking events at Masdar City.
The free zone also offers a “One-Stop Shop” service on site handling government paperwork such as registrations, Emirates ID applications and visa processing.
Today around 5,000 people work at Masdar City, a figure expected to exceed 15,000 within the next three years. By 2030, up to 50,000 people will live in Masdar City, with up to 40,000 working and studying there every day.