Emirates unveils ‘free zone‘ with Turkey

ISTANBUL - Hürriyet Daily News

The United Arab Emirates’ (UAE) most important trade partner is Turkey, which takes a 56 percent share in UAE’s total foreign trade, Peter Michael Schuster, the General Manager of Ras al-Khamiah Investment Authority (RAKIA), said yesterday.

As the target for trade between Turkey and the UAE was determined at $10 billion three years ago, the amount was surpassed by the end of last year, said Gökmen Üçok, Senior Business Development Executive at RAKIA, speaking at a press meeting at which the “RAKIA free zone” was introduced. Üçok added that the bilateral trade volume was expected to reach $15 billion by 2015. As the total number of the companies is more than 13,000, this amounts to an investment worth $3.5 billion, he noted.

“Investors will be exempted from sales, corporate, and personal income taxes. The companies that will be established in the RAKIA free zone will have opportunities for 100 percent foreigner propriety, and will be able to transfer 100 percent of earned revenue and profit to their homeland,” Üçok said.