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Additionally, plans are underway to create an academic cluster in collaboration with university partners. The Authority is also focusing on introducing new BPO services, aiming to position Ajman as an outsourcing destination.

“Creating an outsourcing destination in Ajman is another area we will explore because Ajman’s offerings perfectly fit this space. We have seen quite an interesting number of companies in this sector express their interest in expanding their operations to Ajman,” said Al Naqi.

He said the strategic advantages of Ajman Free Zone, including its proximity to Dubai, pro-business environment, and its ‘affordable status as an Emirate’ give it a competitive edge over the 40-plus free zones in the country.

He said, “Historically, Ajman has been known for being an affordable city, and when we look at businesses, we don’t only look at the cost of setting up business licenses. It is the total cost of ownership.”

Al Naqi explained that businesses are considering potential cost reductions, including schooling solutions. “When you put all that together, Ajman becomes the most competitive place, especially in light of the current global situation. Simultaneously, as we analyse this, we aim to reverse engineer what a potential investor or entrepreneur seeks. They are looking for ease in obtaining a residency visa, opening a bank account, and space flexibility,” he said.

Al Naqi said the free zone authority launched a ‘one-click license’ solution for new business registrations last week. “I would consider this possibly the fastest license issuance (process) globally. It’s almost like a one-click license. You come to our offices, order your coffee, and by the time you finish your coffee, your license is in your hands,” he explained.

Moreover, the Authority has designed packages collaborating with entrepreneurs to add further value and create unicorns in the UAE. “We aspire to be part of this journey for the entrepreneur,” he explained.

Commenting on whether escalating geopolitical tensions would put a dent in foreign direct investment (FDI) inflows into the country in 2024, Al Naqi said this would not be the case, as UAE has consistently positioned itself as a stable and thriving destination during times of tension. “Over the past 20 to 30 years, the UAE has become an attractive and secure alternative for individuals or parties seeking peace and stability.”

Be ruthless, consistent and persistent with empathy and sympathy to be successful at business.

– Ismail Al Naqi of Ajman’s Free Zones Authority

The United Nations Conference on Trade and Development (UNCTAD) announced a noticeable increase of 28 per cent in new foreign investment projects in the UAE in 2023 compared to the previous year. The country has set ambitious targets to attract $150 billion in FDI by 2031.

Al Naqi said the UAE has embraced the new normal post-pandemic, shifting focus from aggressively pursuing multinational companies to actively seeking talent and entrepreneurs who can live and work from anywhere.

“Deregulation in telecommunications, particularly in BPO and Voice over IP telephony, has enabled more flexibility. The UAE’s appeal goes beyond regulation, emphasizing a high quality of life, education, healthcare, infrastructure, and connectivity,” he said.

Moreover, the Free Zone has achieved an all-time high occupancy level in its real estate portfolio, said Al Naqi. When asked about the current real estate boom in the UAE, Al Naqi said a new segment has been unlocked, where UAE is attracting high-net-worth individuals unlike ever before. “Also, UAE residents are moving from apartments to townhouses. This growth is organic and sustainable,” he said. Al Naqi anticipates a further uptick, with declining interest rates making mortgages more attractive.