AJMAN- Ajman Free Zone (AFZ) recorded a significant growth of 35 percent in the number of new registered companies during the first half of 2021 compared to the same period in 2020.

The report showed 867 newly registered companies in the zone, compared to 567 companies in the same period last year. This is a testament to the increasing confidence of the business and investment community to venture in the Emirate of Ajman.

Ajman Free Zone succeeded in maintaining its position as a leader in providing an attractive business environment for major medical companies and health institutions. An 84 percent growth in new companies registered within the health sector was recorded during the first half of the year.

The AFZ technology sector achieved a growth rate of 26 percent during the first half of this year compared to the same period last year. This sustained growth in the sector reaffirms the innovations and keenness of the free zone to contribute to technological advancement in the Emirate of Ajman, in line with the UAE’s vision for the Next 50 Years.

Ajman Free Zone provides necessary and world-class facilities for companies operating in the food and beverage sector, which helped achieve 11 percent growth across the sector.

Ajman Free Zone recorded a remarkable growth of 70 percent in the Chinese retail market. This includes a total of 1,100 registered companies operating in China Mall.

In line with its goal to provide and offer support to investors, companies and the business community, Ajman Free Zone enhanced its value-added services and expanded new strategic partnerships with both private and government stakeholders. Committed to address the various needs of investors, companies, and employees, AFZ was able increase the number of its key partners to 48, including value-added services providers.

Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of AFZ, said that the success of the free zone as seen in the growth rates is supported by a comprehensive package of services alongside innovative technological solutions.

"These factors will also be key drivers in ensuring business continuity while meeting the needs of local and global business community."

He added, "The first half of the year marked an important milestone for the health, technology, food and beverage sectors, which topped the list in terms of growth rate. As we continue our efforts in diversifying our economy, we will continue to provide opportunities and support to vital economic sectors to empower them as effective partners in achieving sustainable development in line with the Ajman Vision 2021."

"Ajman Free Zone offers advanced infrastructure, seamless legislation and regulations, as well as competitive products and services, tailored to various economic needs and aimed to establish Ajman as a business-friendly community. Sustainability and excellence are at the core of our values, and we strive to fulfill our vision of transforming Ajman Free Zone into a global business hub," he said, in conclusion.

For his part, Ali Al Suwaidi, Director-General of AFZ, said, "Ajman Free Zone follows a five-year strategy in creating an attractive business environment in terms of updated policies and regulations. This is positively reflected in the recorded numbers of new companies and investors. We will launch additional initiatives covering a wider range of sectors which will bring about significant impact on the free zone as an attractive business destination."

© Copyright Emirates News Agency (WAM) 2021.