The Dubai Ports, Customs and Free Zone Corporation recently announced the establishment of a new free zone under the umbrella of the Jebel Ali Free Zone Authority (Jafza) for trading in heavy equipment and trucks, reported WAM. The Heavy Equipment and Trucks Zone (Hetz) will operate similarly to the existing Dubai Customs Automobile Zone (Ducamz).
Hertz will be active in re-exports as well as supplying the local market. Traders who sell to the local market will pay four percent customs duty, while re-exporters will benefit from tax exemptions. The new zone will feature all the necessary resources needed for the promotion of heavy equipment and truck trading such as administrative offices, licensing offices, banks, customs and a chamber of commerce office.
Created in 1985 to attract international investment, Jafza offers manufacturing, trade and distribution location, combined with government incentives. Although based in an area just outside Dubai, companies operating out of the zone are treated as outside the UAE for legal purposes. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
