Tuesday August 08, 2006

Abu Dhabi plans tax-free zone for energy industry

business-times.asia1.com.sg :

The emirate of Abu Dhabi in the UAE has announced a US$1.09 billion Oil & Gas City - a tax-free zone for the energy industry - which will be ready by the end of next year. Features to be offered include the issuing of work visa in 24 hours, providing utilities under a single window and free repatriation of capital, according to Norman Johnston, CEO of the Higher Corporation for Specialised Economic Zones (ZonesCorp).

In March, neighbouring Qatar announced a regional hub for the energy sector - the US$2.6 billion Energy City Qatar (ECQ) and the International Mercantile Exchange (Imex), the 'first dedicated energy trading platform'. The Energy City Qatar is part of the major new city development, Lusail, which in addition to major business and entertainment districts, will be home to up to 200,000 residents.

In the UAE, Dubai has already announced the launch of Dubai Mercantile Exchange (DME), for which construction on the two-storey 500 sq m trading floor and office space started earlier this month in the Dubai International Financial Centre premises.

See also :

1. Middle East as energy consumer
2. Qatar : rising star in the Middle East

(2006-08-08 13:13:59 SGT) [Energy] Permalink

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