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July 20, 2022, 10:17 am

Opportunities of Masdar City Free Trade Zone were presented to Russian entrepreneurs

On July 20, an online presentation of the opportunities provided by the Masdar City Free Trade Zone was held. Zoe Harries, Director of Masdar City, told Russian entrepreneurs about the advantages of one of the most popular UAE Free Zone. The event was organized by the President of the Distributed Power Generation Association, Business Ambassador of Business Russia to the UAE Maksim Zagornov and opened a series of summer webinars dedicated to the key free trade zones of the United Arab Emirates.

As Maksim Zagornov, the President of the Distributed Power Generation Association, Business Ambassador of Business Russia to the UAE, noted in his welcoming address, today the United Arab Emirates has become a key partner for the Russian Federation in the Middle East. The UAE announced its intention to increase trade and economic cooperation with Russia, that was confirmed by the UAE Embassy to the Russian Federation at a business breakfast with members of Business Russia on July 13. The Emirates support the relocation of Russian companies to the UAE and create conditions for the development of innovative projects. There is an active process of companies registration and launch of production facilities, including by members of the Distributed Power Generation Association and Business Russia.

One of the most frequent requests received by Business Russia Trade House in the UAE (a structure created to assist members of the business association in the implementation of export projects) is related to the companies opening in the UAE and the selection of the optimal Free Trade Zone for this. "Masdar City, specializing in innovations in the field of energy, artificial intelligence, construction, medicine, can indeed become a "home" for many innovative companies of Business Russia. But cooperation is also possible in terms of implementing joint business projects," Maksim Zagornov noted.

Masdar City Director Zoe Harries thanked the President of the Distributed Power Generation Association, Business Ambassador of Business Russia to the UAE Maksim Zagornov for the invitation to participate in the event and noted that Masdar City is open to Russian companies.

"Masdar City is a dynamically developing business center and one of the most popular Free Trade Zones in the world, located near Abu Dhabi. Today, more than 1,150 companies operate in Masdar City – from local startups, small and medium-sized businesses to multinational corporations such as Siemens, Honewell, etc.  We will be glad if Business Russia companies consider Masdar City as a platform for the development of its innovative business in the United Arab Emirates," Zoe Harries said.

Zoey Harries told about the specifics of this Free Trade Zone. In particular, she stressed that the most advanced technologies in the field of renewable energy, artificial intelligence, transport, space, healthcare, and sustainable urban development are concentrated in Masdar City today. Masdar City is the only R&D cluster in Abu Dhabi, has a unique ecosystem for innovation and technology - advanced laboratories and testing centers of the largest UAE universities (Mohamed bin Zayed University of Artificial Intelligence, Khalifa University). This enables resident companies to test the latest technologies. 

Zoey Harries emphasized that the Masdar City STZ promote entrepreneurship, supports startups through the region's first accelerator of technology startups - The Catalyst company (a joint venture of Masdar City and BP), focused on sustainable development and clean technologies. 

"But most importantly, Masdar City has a well-developed business support system, a large number of investment programs, a simple procedure for companies registration," Zoe Harries stressed. 

Among the key advantages of Masdar City, the expert named: 100% foreign ownership (no need to find a local sponsor), 100% exemption from corporate and personal income tax, no import duties, free repatriation of capital and profits, cost-effective license and lease terms for offices, strategic location (between Abu Dhabi and Dubai).

During the webinar, representatives of Russian companies were able to ask questions to Masdar City Director Zoe Harries and get detailed answers.

At the end of the webinar, Maksim Zagornov, the President of the Distributed Power Generation Association, Business Ambassador of Business Russia to the UAE, stressed that today's event opens a series of summer webinars dedicated to various Free Zones of the UAE. And from September 26 to 30, a business mission of the Distributed Power Generation Association and Business Russia will take place in the United Arab Emirates, during which entrepreneurs of the business association will visit key Free Trade Zones of the UAE, including Masdar City. 

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