DuBiotech and EnPark are strategically located to offer a gateway to a combined Middle East market
The Dubai Biotechnology and Research Park (DuBiotech) and Energy and Environment Park (EnPark) – Dubai’s free zone business communities dedicated to the life sciences and alternative energy industries, were represented at the Confederation of Indian Industry (CII) platform by Marwan Abdulaziz, Executive Director, DuBiotech & EnPark.
Abdulaziz shared an expert insight into the offerings of the UAE’s free zone module, which includes 100 per cent foreign ownership, 100 per cent tax exemption and tax free salaries for all employees. He also communicated how the growing Indian pharmaceutical, energy and biotechnology sectors can hugely benefit from these advantages, and tap into the flourishing GCC market through being a part of one of the UAEs free zone hubs.
Speaking on the occasion, Abdulaziz said, “The UAE and India have shared a longstanding relationship, and are both growing at exponential rates. GCC countries are expected to see an average economic growth of 4.1 per cent in 2015 on the back of robust non-hydrocarbon activities and large budget surpluses, according to a report by The Coface Group. This shows great promise in a largely untapped market for Indian companies, and we are excited to offer world class facilities for the Indian companies looking to setup a Middle East hub, in the UAE.”
He said, “We already host over 10 Indian firms within our free zone. In the future we look forward to building great business partnerships and being a part of the Indian growth story.”
There are over 475 flights per week between various destinations in India and the UAE. DuBiotech and EnPark are strategically located to offer a gateway to a combined Middle East market, with a GDP of $1.8T growing at over five per cent annually.
MK Nandakumar, Chairman, CII MSME subcommittee and Chairman and Managing Director, Chemtrols Industries mentioned, “The outlook for UAE’s economy is strong, with Abu Dhabi’s oil sector undergoing expansion and Dubai’s commercial trade continuing to rebound. Dubai’s winning the right to host the expo 2020 should provide enough thrust for UAE’s growth as a whole. Real estate sector in Dubai has also seen robust growth. Thus, this is the ideal time for investors to look at seriously for investments in new technology alias biotechnology and clean technology which will be the backbone for any sustainable development.”
EP News Bureau – Mumbai
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