UAQ FTZ had tremendous growth in the year 2021. We exceeded our ambitious business objectives and delivered above target. The recent accomplishment reflects UAQ FTZ's vital role in supporting the emirate's and nation's economies throughout the current pandemic. UAQ FTZ had launched a variety of business support plans for valued customers in order to assist them in keeping their business afloat during the pandemic.
The new UAQ FTZ headquarters, One UAQ, was inaugurated on June 6th, 2021, which is situated on major Highway E311, provides easy access to all the emirates of the UAE and major airports and seaports, ensuring easy access to the rest of the world. The multifaceted building provides several amenities to customers, such as a central reception, conference halls, meeting rooms, small and medium-sized office spaces, and Amaal services to add to customer convenience. The new free zone location had amplified trade inflow as well as potential business, which in turn enhanced the overall growth and development at UAQ Free Zone.
SME's benefit from the UAQ free zone's different packages and incentives, as well as the technical and advisory support it gives at various stages, from establishment through growth and development.
In 2021 there was a 40% increase in the number of new companies registered with the UAQ Free Zone authority compared to the same period in 2020. This indicates the growing trust of the business and investment community in the Emirate of Umm Al Quwain.
UAQ FTZ had partaken in all the major exhibitions such as Gulf Food, GITEX, Big 5, Dubai Airshow, Automechanika, Arab Health, among others, where it showcased various facilities, options, advantages, and incentives for being at UAQ Free Trade Zone.
In line with its goal to provide and offer support to investors, companies, and the business community, UAQ FTZ enhanced its value-added services by launching Amaal, the center’s services include completion of residency transactions for individuals and families, attestation documents, translation services, customs clearance services, employment, banking support services, payment gateways, Tax, auditing, and all other support services for the businessmen to do seamless business from the Zone. In addition to this, the center will also facilitate tourism, technical and cultural activities.
Last year, UAQ FTZ also expanded several new strategic partnerships with both private and government stakeholders. Several high-level business delegates from various countries, such as India, Ukraine, China, and many others, visited UAQ FTZ, to learn about the various investment opportunities and incentives available to attract foreign investments and investors, as well as UAQ FTZ's competitive services and advantages offered to free zone investors, such as custom preferences, modern and advanced facilities, and our well-planned and impeccably designed executive offices and co-working spaces, multi-sized warehouses with attached offices, and leasable plots of land.
Freezone has a strong investor pool that is spread across 150+ nationalities and one of them is Ukraine. An MOU was signed with the UBC (Ukrainian Business Council) to leverage their respective strengths for the benefit of the Ukrainian Business Community in the UAE.
Further, a strategic MoU was signed with the National Bank of Umm Al Quwain (NBQ) to ease the Corporate Banking requirements of companies registered in UAQ FTZ forming a privileged circle of customers who can avail of priority banking. The bank offers a comprehensive and versatile suite of products and services for building the capabilities of SMEs, startups, and large businesses in the UAE.