Belgium's Soconord Group opens assembly line in JAFZ
Brussels-based Soconord Group will officially opene a new drill pipe assembly line in the Jebel Ali Free Zone, United Arab Emirates (UAE), on March 7.
The group is a supplier of steel and tubular products to the oil, gas and water industry. It is represented in more than 20 countries and operates subsidiaries in the US, Singapore and Dubai.
JAFZ was established in 1985 with the specific purpose of facilitating investment. With a distinct legal status, JAFZ-based companies are treated as being "offshore" or outside the UAE. As a result, companies are offered 100 percent foreign ownership, exemption from all import duties and 100 percent repatriation of capital and profits. — (menareport.com)
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