ABU DHABI, 29th March, 2017 (WAM) -- Masdar City has announced that it is highlighting its success in attracting knowledge-based private enterprises, including multinational companies, SMEs and freelance business owners during its participation in the Global Manufacturing and Industrialisation Summit 2017, taking place until 30th March at the Paris-Sorbonne University in Abu Dhabi.

The free zone secured 147 new company registrations last year alone, and today it hosts more than 450 companies from six continents, including Siemens, Lockheed Martin, General Electric, and Schneider Electric.

According to Mohammed Al Fardan, Director of Masdar City Free Zone, the free zone's impressive growth can be attributed to customer service innovation.

"We're delivering a unique value proposition, combining Masdar City's role as a clean-tech cluster with the benefits of a sophisticated free zone," he said. "Our target is to quadruple company occupancy by 2020, and to build on Masdar's existing close partnerships with clean-tech leaders around the world," he added.

Masdar City's free zone benefits include 100 percent foreign ownership, exemption from corporate and personal income taxes, zero percent import tariffs, and access to R&D partnerships through the Masdar Institute of Science and Technology.

"Masdar City is building the region's first dedicated renewable energy and clean technology free zone," Al Fardan explained.

Masdar City introduced new license benefits for individuals wishing to register as businesses last October. The free zone now waives minimum share capital requirements, has lower registration charges, and offers direct access to tenant and client networking events at Masdar City. It also offers a "One-Stop Shop" service on site handling government paperwork such as registrations, Emirates ID applications and visa processing.

Today around 5,000 people work at Masdar City, a figure expected to exceed 15,000 within the next three years. By 2030, up to 50,000 people will live in Masdar City, with up to 40,000 working and studying there every day.

Source: Emirates News Agency