Jebel Ali Free Zone (Jafza), the flagship free zone entity of Dubai and a trade and logistics hub for the wider Middle East region, has received huge interest from oil & gas industry leaders based in the North Sea region.
Particular interest came from the UK, Denmark and France at the recently concluded ADIPEC. These companies are looking forward to establishing their presence in the wider Middle East region, which still remains an expanding market despite significant fall in oil prices.
The trade promotion officials from Japan and Malaysia also had a meeting with Jafza officials at ADIPEC to explore opportunities for enhancing bilateral trade relations between them both in oil and non-oil sectors.
“The strong interest of companies in oil, gas and allied sectors from England, Scotland, Denmark and France in Jafza reinforces not only the Free Zone’s status as the trade and logistics hub for the wider Middle East region in the oil and gas sector but also Middle East as a dynamic region for the oil and gas industry despite steep decline in the oil prices,” said Sultan Ahmed Bin Sulayem, chairman, DP World and Ports, Customs and Free Zone Corporation.
The oil and gas sector trade in Jafza has seen 462% growth in the last ten years growing from AED 11.38 billion in 2005 to AED 52.69 billion in 2014, Bin Sulayem added.
During the 4-day event Jafza has registered requests for a total space of over 80,000 square metres. Looking at the industry response at ADIPEC, Jafza expects continued double digit growth in the sector this year. Jafza had posted 13% growth in the overall trade in the sector in 2014 compared to 2013.
Jafza currently hosts 736 world’s leading companies in the Petrochemical, Oil & Gas and other associated sectors. 44% of these companies are in oil equipment and spare parts, 32% in chemical and chemical products, 20% in petroleum products and 4% in glass, plastic and rubber products.