The new location will have an area of two million sqm and will be completed by March 2020
Umm Al Quwain Free Trade Zone (UAQ FTZ) has announced that it is expanding its warehouse and office space to keep up with the rapidly rising demand from new clients.
The ground-breaking ceremony for the new premises was held on the 24th of March.
According to a statement from UAQ FTZ, it is set to create an independently functioning sustainable industrial smart city, where SME’s, Fintech start-ups, R&D centres, logistics, outsourcing and alternative power related industries can flourish.
Commenting on the expansion, Sheikh Khalid Bin Rashid Al Mu’alla, Chairman of UAQ FTZ, said: “We are pleased to kick start the ambitious expansion project to facilitate and boost the growth of the investors who have been showing enormous trust and confidence in the free zone since its inception.”
“The new free zone location, with a total area of two million sqm, is poised to become a strategic economic hub and is conveniently located near the highly accessible state highway, Sheikh Mohammed Bin Zayed road, connecting UAQ with the emirates of Sharjah, Dubai and Abu Dhabi.”
He added that the proximity to two international airports as well as multiple seaports make it logistically ideal, as well.
UAQ FTZ’s strategy, according to their statement, is to attract employers who would find it more feasible to set-up their back-end operations in UAQ at affordable rates, compared to expensive cities.
Al Mulla said they are building a smart city where its residents will be able to walk to work. The city will function as an independent business and industrial hub, with amenities such as schools, hospitals, hotels, shopping malls and exhibition centres.
“As the free zone of the future, our motto will be sustainable development, technological innovation and prosperity,” concluded Al Mu’alla.