Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Licensed firms and SMEs account for bulk of AFZ procurement

The residence visas for free zones in the UAE will be valid for two years now.
  • Ajman Free Zone covered 27 per cent of the total purchases and contracts of SMEs alone during the same year.
  • The Free Zone's procurement policy benefits investors and business owners from more than 165 countries, said Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of AFZ Board.

Licensed companies and small and medium enterprises (SMEs) accounted for 51 per cent of Ajman Free Zone’s total procurement of goods and services in 2021, a recent report released by the free zone showed.

The report also revealed that 24 per cent of the total purchases and contracts made last year by companies operating in the free zone were sealed through the assistance of the free zone’s strategic procurement strategy.

Ajman Free Zone covered 27 per cent of the total purchases and contracts of SMEs alone during the same year.

The AFZ said in a statement that the policy has been implemented to accelerate the national economic development and strengthen the role of the local business community in the diversification and sustainability efforts of Ajman and the UAE.

Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Board of Directors of the AFZ, said, “Our procurement policy currently benefits investors and business owners from more than 165 countries, and we aim to extend its reach as more global companies continue to make the free zone their base here in the Emirates.”