The Hindu Business Line : Sharjah aims to become major business hub

But this may change shortly with the Sharjah Government's aim to develop it into a major business hub in West Asia within a few years, in the process attracting Indian investment to its newly developed Hamriyah free trade zone (HFZ) on about 12 million sq.m. of prime industrial and commercial land at Hamriyah port.

A delegation under the leadership of Ms Leela, an official of the Hamriyah Free Zone Authority, is currently visiting various Indian cities to convince prospective Indian investors about the logistical advantage of HFZ as a manufacturing, assembling or marketing base for re-exports to the European, Russian and Chinese markets.

Addressing members of the Merchants' Chamber of Commerce here on Wednesday, Ms Leela said HFZ was located strategically between three continents, serving a growing market of one billion people with its modern sea ports — Port Khalid on the west coast and Port Khor in the east. Among all the seven emirates of UAE, Sharjah was the pre-eminent industrial base on the Arabian Gulf's west and east coasts with direct access to the Indian Ocean, and an international airport which connects 230 countries, Ms Leela said.

The delegation has already visited Mumbai, Bangalore and Hyderabad and will go to Delhi and Lucknow.

She said the zone would be useful for Indian exports and manufacturers as the latter would be allowed 100 per cent foreign company ownership.

There would be no tax on export, import, capital gains and profits.

Only five per cent tax would be levied if the products manufactured and assembled at the zone were marketed in UAE.

She said all facilities including land, warehouse, office premises water & power connection, medical, staff housing, eateries would be provided on an annual rental basis.

Applications for business licences with visa and residential rights would be cleared within 24 hours provided the required information was available along with a commitment of $41,000 through a bank guarantee.