Free zones: star attractions in UAE’s office property space
‘Dual licensing’ option, generous fee incentives drawing tenants cutting across sectors
Dubai: Businesses in the UAE wanting something more than a change in their office address are finding free zones to be where the action is.
In fact, in what has been another tough year for the office property leasing market, free zones have managed to more than hold their end up. Whether offering “dual licensing” options to tenants or revising their fee structure, these free zones are doing their bit to pull in higher occupancy.
Reduced fees
For instance, Dafza (Dubai Airport Free Zone) reduced its fees for registration, licence and staff visa fees for new investors by 65, 33 and 20 per cent, states a recent update by Core consultancy.
Other associated fees have also been reduced or waived entirely, the report adds.
In the current market circumstances, these count for quite a bit in attracting or retaining tenants.
Some of the free zones in the Northern Emirates are moving in sync with trends, such as having licences for freelancers in the media and allied sectors.
In Sharjah, the developer of Al Saja’a Industrial Oasis — a 14 million square feet multi-purpose zone in the making — introduced a 5-year payment plan at zero interest rate for the plots.
Dual licensing scheme
Then there is the dual licensing scheme, whereby businesses can service both the local market and overseas from a free zone location.
This way, they get a “branch” licence under the Department of Economic Development (DED) to operate in the local market, albeit in certain sectors.
Some of Dubai’s free zones started the trend, which has since been applied at other jurisdictions in the UAE.
“Dual licensing does not mean that only a single license is permitted — rather, you can operate with both offshore and onshore (capabilities),” said Joel McQueen, head of Commercial at Core.
“Some free zones are now offering dual licensing. We also see free zones adopt a proactive approach towards attracting tenants, (including offering) more agile and flexible workspace solutions such as flexi-desks," he added.
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