Ajman Free Zone opened a representative office in Cyprus and has also entered into an alliance with Freemont Group, a business and corporate consultancy with offices in both Nicosia and the UAE.
In a statement, the free zone said that the alliance with Freemont Group will help the free zone woo and facilitate investments from Cypriot entrepreneurs who are keen to create a business base in the UAE.
Mahmood Al Hashemi, director general, Ajman Free Zone, said: Bilateral relations between the UAE and Cyprus are robust with both countries supporting each other on economic and political affairs. The potential for trade and investments between the two countries are immense and we believe that setting up a representative hub in Nicosia will accelerate the cooperation further and in turn catalyse investments into Ajman Free Zone.
He said Ajman Free Zone continues to roll out out-of-the-box investment concepts like the business centre and smart offices, which offer higher cost-efficiency to entrepreneurs. Our investment concepts are diverse and innovative and this has driven the growth of the free zone, he added.
Setting up a representative base in Cyprus also signifies its keenness to tap investments from the larger European Union (EU) and neighbouring countries as the eastern Mediterranean country is at the intersection of European, African and Asian countries, he said.
Last year, the UAE opened its embassy in Nicosia, the capital of Cyprus, a move which has helped further accelerate economic and social cooperation between both the countries. Rishi Somaiya, sales director, Ajman Free Zone, said:
We have continued to expand its reach to global markets taking its investment proposition to countries across the world with remarkable success. So far we have representative offices in India, Pakistan, and Africa and our endeavour is to expand our reach to more global destinations in the near future.