North Sea-based companies eyeing Dubai: Jafza
The Jebel Ali Free Zone (Jafza) in Dubai says it has received 'strong interest' from oil and gas companies from England, Scotland, Denmark and France
The Jebel Ali Free Zone (Jafza) in Dubai has said it has received ‘huge interest’ from oil and gas companies based in the North Sea region, particularly from the UK, Denmark and France at the recently concluded ADIPEC.
‘These companies are looking forward to establish their presence in the wider Middle East region, which still remains an expanding market despite significant fall in oil prices’, the enterprise said in a statement.
The trade promotion officials from Japan and Malaysia also had a meeting with Jafza officials at ADIPEC to explore opportunities for enhancing bilateral trade relations between them both in oil and non-oil sectors.
“The strong interest of companies in oil, gas and allied sectors from England, Scotland, Denmark and France in Jafza reinforces not only the Free Zone’s status as the trade and logistics hub for the wider Middle East region in the oil and gas sector but also Middle East as a dynamic region for the oil and gas industry despite steep decline in the oil prices,” Sultan Ahmed Bin Sulayem, Chairman, DP World and Ports, Customs and Free Zone Corporation, said.
“The oil and gas sector trade in Jafza has seen 462% growth in the last ten years growing from $3.09bn in 2005 to $14.34bn in 2014,” Sulayem said.
During ADIPEC, Jafza claimed to have registered requests for the total space of over 80,000 square metres. Jafza expects continued double digit growth in the sector this year. Jafza had posted 13% growth in the overall trade in the sector in 2014 compared to 2013.
“Jafza’s remarkable evolution into the region’s oil and gas industry hub can be attributed to the freezone’s deep commitment to the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as the top innovation-driven business hub and investment destination in the world, through its ceaseless pursuit of excellence in terms of products, service and overall ecosystem,” Sulayem was quoted as saying.
Jafza currently hosts 736 world’s leading companies in the Petrochemical, Oil & Gas and other associated sectors. 44% of these companies are in oil equipment and spare parts, 32% in chemical and chemical products, 20% in petroleum products and 4% in glass, plastic and rubber products.
“Jafza’s remarkable success at ADIPEC can easily be assigned to its focus on highlighting the Free Zone’s customer and industry-focused key offerings that are designed to enable prospective investors to achieve their growth aspirations in the region seamlessly. The Free Zone is currently home to a large number of industry leaders in the sector right from ExxonMobil, Total, Shell and CNPC to Baker Hughes, Schlumberger and Halliburto,” Sulayem commented.