Ajman Free Zone (AFZ) announced that it witnessed a remarkable performance in the third quarter of 2021, with a total of 349 new companies registering with the Free Zone. The growth in the number of newly registered companies during the said period reflects the rising confidence of investors in AFZ’s services, facilities, and incentives.

The education sector that marked a 34% growth in Q3 2021 is the fastest-growing sector in the Free Zone, followed by advanced technology and health sectors in the second position.

The advanced technology sector marked a 21% rise in the number of new technology companies in Q3 2021 compared to the same period in 2020. This growth reflects the success of AFZ’s efforts to attract more technology companies, as they are one of the most prominent sectors in the new economy.

The health sector also recorded a 21% increase in the number of new companies registered with the Free Zone during the said period compared to Q3 2020. The growth in these sectors can be attributed to the competitive advantages offered by the Free Zone to companies, healthcare services and technology solutions providers such as efficient smart services and integrated solutions, telecommunications and information technology facilities, infrastructure development in the region, and investor-friendly initiatives.

The Free Zone also recorded a 12% growth in the number of new companies registered in the food and beverage sector. The remarkable growth achieved by AFZ aligns with its policies to attract foreign investments and companies in vital industries and its commitment to contribute effectively to the national efforts and endeavors to promote food security and provide marketing solutions for their products.

H.E. Eng. Ali AlSuwaidi, Director-General, Ajman Free Zone said: “The great results achieved during the third quarter reflect the success of AFZ’s strategies to position it as a preferred destination for the business and investment community in the UAE. It also underlines the growing confidence of companies and investors in Ajman’s business environment in line with the promising prospects in the local economy and factors that facilitate business and encourage entrepreneurship, such as its strategic position, well-developed infrastructure and flexible legislative framework.”

AlSuwaidi added: “Operational performance indicators confirm the considerable momentum of economic activities in various sectors of the Free Zone such as advanced technology, health, and food and beverages, which are vital economic streams, and drivers of sustainable growth. In addition, it also highlights the growing contribution of AFZ to the export and re-export activities in the Emirate of Ajman. In our five-year strategy and development plans, the third quarter of this year has been a milestone. The remarkable results we achieved is the culmination of stimulating initiatives launched by the Free Zone over the past period to support companies and business communities and accelerate economic recovery and growth.”

“We thank our business partners for their confidence in us, which is reflected in the growing investor turnout and the number of new companies registered in AFZ. Furthermore, it inspires us to move forward in our approach to provide an ideal environment for business growth and expansion. In addition, we will also offer support to our business partners to enhance their presence in local and regional markets and launch more initiatives. We also extend our sincere thanks and appreciation to the employees of AFZ.

“Our loyal and dedicated employees played a vital role in establishing AFZ as a model incubator for foreign companies and investments, a driving force for sustainable development in the Emirate of Ajman and as a leading contributor to its economic diversification investor-friendliness,” AlSuwaidi concluded.

The results of the operational performance analysis also reflect the Free Zone’s distinct position in the emirate’s export and re-export landscape, as it contributed 36 per cent to the total export and re-export activities during the first nine months of 2021. It is also due to the logistic advantages and strategic location of AFZ near the Ajman port.

Despite unprecedented circumstances that have affected the performance of business groups and trading centers around the world over the past year, Ajman Free Zone continued to record strong performance and attained remarkable growth in the number of companies in the major sectors. The growth underlines the effectiveness of AFZ’s competitive advantages, proactive strategies, speed, and efficiency of the initiatives to keep pace with the latest economic trends and support companies in different sectors.