100 UAE firms register at AIFC
dubai — Over 100 companies from across the UAE have registered at the Astana International Financial Centre (AIFC), with officials predicting that the number could increase to over 500 registered companies by the end of 2020, highlighting the strengthening relations between the two countries.
Speaking at a media roundtable on Thursday, Madiyar Menilbekov, consul general of Kazakhstan, said that the centre provides a great opportunity for financial institutions across the GCC and the Middle East to increase their investments in Central Asia, especially in Eurasia. He also noted that there are several benefits that companies can expect when registering at the centre, including free offices for two years, exemption from duties and any taxes until 2066, as well as the provision of facilities for obtaining a visa. “Our country is seeking to create diverse partnerships at all economic levels with the Arab countries in general, and to improve the level of trade between us to reach record levels. Our relations with the UAE have a special peculiarity, as we continue to benefit from its expertise in the field of Islamic Sukuk,” Menilbekov said.
He added that the experience of the UAE and the Dubai International Financial Centre, which has proved its worth on the global level, has always been a point to the existence of many common features between the UAE and Kazakhstan.
Menilbekov also noted that the recent visit of the Kazakh president to the UAE had successfully resulted in the signing of several agreements and MoU’s revolving around strengthening the finance sector, including an agreement with the Dubai International Financial Centre and the Abu Dhabi Global Market.
According to reports, the UAE’s investments in Kazakhstan reached Dh7.34 billion by the end of 2016; while the trade in oil between the two countries increased to Dh1.44 billion in 2017, compared to Dh903.45 million in 2016, a growth rate of 60 per cent. A report by the Ministry of Economic Affairs revealed that direct trade accounted for 58 per cent of total foreign trade last year valued at Dh844.1 million.
“The Astana International Financial Centre opens the door to a huge market of more than one billion people, and the city of Astana is one of the main links in the new intercontinental routes to the Global Belt and Road Initiative. The centre will open new horizons for investment in the Eurasian Economic Community. All companies operating within the EU will have offices and branches within the centre,” Menilbekov said.