Emirati Developer ADQ to Establish Free Economic Zone in Ras El Hekma
This zone hopes to attract businesses with its low, or possibly nonexistent, tax rates.
Now that they have purchased the rights to develop Egypt’s Ras El Hekma, the Abu Dhabi Developmental Holding Company (ADQ) has big plans to turn this project into a global financial hub. Part of those plans include the establishment of a free economic zone.
Free economic zones, or free zones, are areas in which companies are taxed either very lightly or not at all. These lax tax regulations are designed to attract companies, therefore encouraging economic activity. Free zones are governed by rules and regulations according to their host country; in Egypt’s case, the firm that is to complete the development, the soon-to-be-established Ras El Hekma Company, will receive a golden licence to establish a free zone from the General Authority for Investment and Free Zones (GAFI).
The Ras El Hekma project is expected to span over 170 million square metres, and is being developed by ADQ, Talaat Moustafa Group Holding, and Modon Properties. Egypt will receive USD 35 billion in foreign direct investment from ADQ for the project.
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