A Strategic Move for Economic Diversification

The introduction of the tech-free zone in Kalba is a key part of Sharjah’s broader strategy to diversify its economy. By leveraging cutting-edge technologies, the region aims to reduce dependence on traditional sectors and drive sustainability in economic development.

Benefits for Global Technology Firms

For global technology firms, the new comtech free zone offers a host of advantages. These include streamlined business processes, tax exemptions, and a conducive environment for research and development. Sharjah’s leadership is keen on creating a supportive ecosystem that fosters innovation, making it an ideal destination for tech giants and startups alike.

Job Creation and Local Empowerment

One of the most significant benefits of this initiative is job creation. With the influx of global technology companies, there will be numerous opportunities for local talent. This not only enhances the skill set of the workforce but also reduces unemployment, contributing positively to the economy.

 Commitment to Technological Advancement

The establishment of the Kalba tech-free zone underscores Sharjah’s commitment to technological advancement. By attracting top-tier technology firms, the region aims to be at the forefront of technological breakthroughs, which in turn, will create a ripple effect across various other sectors.

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The Comtech free zone in Kalba stands as a testament to Sharjah’s vision for the future. This initiative not only enhances economic growth but also creates a fertile ground for innovation and job creation. For businesses looking to expand in the Middle East, now is the time to seize the opportunity and gain a competitive edge with J M J Facilities Management Services EST by your side.

By focusing on key areas such as economic diversification, benefits for global tech firms, job creation, and technological advancement, this blog aims to attract businesses interested in the new opportunities that Sharjah’s tech-free zone offers.

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With a total area of 415,000 sq m, this greenfield facility will include 185,000 sq m of warehouse space and a vast multipurpose storage yard, positioning it as the largest integrated logistics park in Saudi Arabia. It will accommodate over 390,000 pallet positions, providing customers with a streamlined system for smooth goods transportation to and from Jeddah.

Inaugurated in 2022 under a 30-year concession, the Jeddah Logistics Park will be constructed in two stages. The two stages of a projected inauguration in the second quarter of 2025. The facility will get a rooftop solar plant in the warehouse, capable of producing 20MW of green energy, adding to its eco-friendly design.

The Mawani and DP collaboration includes South Container Terminal management through a 30-year concession signed in 2020. The terminal is in the final phase of a comprehensive modernization project, scheduled for completion in Q4 2024. The terminal will have a handling capacity of up to five million twenty-foot equivalent units (TEUs). The two DP World projects represent a combined investment of nearly 4 billion SAR ($1 billion).

Invest in Saudi Opportunities 

In line with Saudi Vision 2030, Jeddah Logistics Park represents a major development for DPW at Jeddah Islamic Port. This state-of-the-art facility will optimize the logistics processes for importers and exporters, providing an integrated platform for trade and logistics. Investors will utilize efficient services of port operations linked to last-mile activities. Moreover, customers will benefit from bonded and unbonded zones, world-class controlled storage, import and export consolidation centers, and value-added services.

The groundbreaking follows on the heels of the opening of freight forwarding offices in Dammam, Jeddah, and Riyadh. This initiative expands the logistics footprint of DP World and strengthens end-to-end supply chains in KSA and beyond.

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The Blue Residency Visa will specifically be for supporters of environmental action. Those include members of international organizations, international companies, members of associations, and non-governmental organizations. Furthermore, the global award winners and distinguished activists, as well as environmental researchers. It will apply to Emirati national innovators and residents who advocate environmental protection.

Eligible individuals have been invited to submit their applications through the Federal Authority for Identity & Citizenship, Customs, and Port Security. Relevant authorities can also nominate individuals for long-term residency.

The sustainability of our economy has become linked to the sustainability of our environment.”Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired a Cabinet meeting on Wednesday.

The new residency scheme is part of a countrywide initiative launched to mark 2024 as the year of sustainability. The sustainability drive increased in 2024 after green themes dominated last year. The country invited residents to join in the collective efforts to adopt sustainable practices

The UAE typically issues residency visas that have a validity of two years. In 2019, the country announced a 10-year residency scheme called Golden Visas for investors, entrepreneurs, scientists, outstanding students and graduates, and humanitarian pioneers, among others. Three years later, the country announced a five-year residency program called green visas for skilled professionals, freelancers, investors, and entrepreneurs.

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This achievement not only indicates that Dubai is keeping pace with the global economic and investment landscape, but also confirms that it is setting new standards for strong and sustainable growth. This came on the occasion of the announcement that Dubai has topped the list of the best global destinations to attract FDI projects in 2023 for the third consecutive year, according to the Financial Times FDIMarkets data on FDI markets.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: ‘The steady increase in FDI inflows is an important enabler of the Dubai Economic Agenda D33, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with an ambitious vision to double the size of the emirate’s economy by 2033. We have all the key ingredients to make Dubai a strong magnet for investments, projects, talent, and minds, thanks to its advanced infrastructure and dynamic business environment that supports innovation and stimulates creativity,’ said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. 

Dubai is at the forefront of Foreign Direct Investment

Dubai ranked first globally in attracting foreign direct investment (FDI) as well as capital from FDI projects. In addition to creating new job opportunities in FDI projects within key sectors. The most important sectors were financial services, consumer goods, energy, e-commerce, and tourism. The outstanding performance in attracting FDI projects confirms Dubai’s strong economic growth and attractiveness to international investors.

Check out: Top Profitable Ideas to invest in Dubai

Dubai’s attractiveness is reflected in its position at the top of the global ranking of destinations where foreign investment projects are headquartered. Last year, it attracted 60 projects. Dubai also ranked fourth globally in job creation from inward FDI projects, up from fifth place in 2022. Its position improved from seventh to fifth globally in attracting capital from inward FDI projects.

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Saudi Premium Residency Options

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In a pivotal step aimed at enhancing the business environment, promoting economic growth, and improving the overall investor experience in Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has announced a groundbreaking new decree. This decree introduces the Unified Digital Platform, which is set to revolutionize the process of establishing companies in the UAE. This unified digital platform initiative aims to bolster Dubai’s economy by unifying licensing efforts across various authorities.

Simplified Integration for Streamlined Processes:

The revolutionary platform integrates a range of licensing processes in Dubai, including those overseen by the Department of Economy and Tourism, the Authorities of special development zones and free zones, and the Dubai International Financial Centre (DIFC), among others. By consolidating these processes, the platform aims to significantly enhance the investor experience and simplify the overall setting up and operating of businesses in Dubai. The goal is to provide investors with a streamlined channel for accessing information, obtaining licenses, and availing various services related to economic activities.

Regulating Licenses, Permits, and Approvals:

The new decree encompasses all economic activities in Dubai. It is designed to regulate the issuance of licenses, permits, and approvals. This initiative seeks to enhance clarity and simplicity, thereby ensuring that investors face fewer obstacles when

businesses in Dubai. By providing a more straightforward and transparent regulatory framework, the decree contributes to a more conducive environment for investment and business growth in the emirate.

Digital Transformation and Electronic Integration

The decree emphasizes the importance of electronic integration between licensing departments and other key entities. By aiming to eliminate duplication of procedures and enhance coordination between various entities, the platform supports Dubai’s digital transformation. This strategic move reinforces the city’s commitment to positioning itself as a digital economy hub. This will align perfectly with the objectives of the Dubai Economic Agenda D33.

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The new contractor classification system is newly developed by the Ministry of Municipal and Village Affairs and Housing of Saudi Arabia. The final detailed version was launched after its approval by the Council of Ministers with the participation of the relevant authorities of the Saudi Contractors Authority, the Saudi Commission for Engineers, and the National Housing Services Company. The new contractor classification indicates the contractor’s ability and competence to execute projects according to their potential (financial, technical, administrative, and operational)

The contractor classification system is based on qualifying, documenting, and evaluating contractors’ capabilities to improve the services provided quality, reduce commercial cover-ups, and increase the contractor’s competitiveness to provide better service to citizens.

The new system is based on three criteria

• Legal Criteria: 

Include Commercial Registry, General Authority for Investment License, and Employment Statement from the competent authority. In addition to the MoA and statute.

• Financial  Criteria: 

Include net fixed assets, net equity, and contract income.

• Technical  Criteria:

Includes human resources, project management, sustainability, quality control, and previous corresponding performance.

The classification system includes technical specializations for workers in establishments according to sector and years of experience. The approved contractor is qualified by the Saudi Contractors Authority and contractors wishing to enter this program must disclose the range of service prices in each field.

What sectors does the new system target?

– Real estate and Construction Companies 

– Telecommunication and IT

– Maintenance and Operation services

– Engineering Consulting Facilities

Highlights of the Contraction Companies Classification

– Government agencies and institutions are not entitled to accept or award any bid for a project unless the contractor is classified. 

– The Minister shall grant the classification following the information and data provided by the contractor and the classification shall be based on the criteria of technical, financial, and operational appreciation.

– The licensed contractor shall be classified following the foreign investment regime by the procedures applicable to the classification of the Saudi contractor. The Council of Ministers may exclude it by the regulations it establishes.

– According to classifying criteria, the contractor is categorized into one of six different classification categories and activities.

The following are the classifying criteria: 

1. Financial capacity
2. Technical, administrative, and executive capacity: organizational structures, administrative and technical cadres.
3. Total number, type, and value of projects.

Any other criteria or conditions established by the Regulation.

The Grades of Classification for Contracting Companies in KSA: 

1. Special Category:

This is the highest level of the Categories for Contracting Companies and has the highest number of requirements to be met. While local companies can choose among the Categories for classification, All foreign branches must be classified in the Special Category only.

Requirements:

➢ At least SAR 20 million Equity for last Fiscal year

➢ 3 Company Engineers, each with 10 years overall experience, required per classifying activity.

➢ Executed projects from the Company worth AED 240 million in the last 10 years per classifying activity

2. First Category:

Requirements:

➢ Minimum SAR 10 million Equity for last Fiscal year

➢ 2 Company Engineers, each with 10 years overall experience, required per classifying activity.

➢ Executed projects from the company worth AED 120 million in the last 10 years per classifying activity. 

3. Second Category:

Requirements:

➢ A SAR 5 million Equity for the last Fiscal year

➢ 2 Engineers, each with 7 years overall experience, required per classifying activity.

➢ Executed projects from the Company worth AED 60 million in the last 10 years per  classifying activity. 

4. Third Category:

Requirements:

➢ 2 Company Engineers, each with 5 years overall experience, required per classifying activity.

➢ Executed projects from the Company worth AED 30 million per Classifying Activity in the last 10 years. (Parent Company

5. Fourth Category:

Requirements:

➢ 1 Company Engineer, each with 5 years overall experience, is required per classifying activity.

➢ Executed projects from the Company worth AED 15 million in the last 10 years per classifying activity. (Parent Company)

6. Fifth Category:

Suitable for New Contracting Companies with no past project experience.

Requirements:

➢ 1 Company Engineer, each with 4 years overall experience, is required per classifying activity.

7. Sixth Category:

Suitable for New Contracting Companies with no past project experience.

Requirements:

➢ 1 Company Engineer, each with 3 years overall experience, is required per classifying activity.

The penalties mentioned by the law in case of violation of the provisions or regulations of the classification system

Include one or more of the following penalties:

1. Decrease the classification degree 
2. Freeze the classification and prevent its renewal for a period not exceeding five years
3. Elimination of classification

How to apply for Contractor Classification in Saudi Arabia?

At J M J Facilities Management Services EST, we support your business journey in Saudi Arabia, whether you are a contracting company or a real estate development company, enabling you to learn about all the legal requirements for qualifying real estate development companies for an appropriate rating of your business size and work experience.

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Main Achievements LEAP:

Leading up to LEAP2024, previous editions showcased remarkable achievements that set the foundation for Saudi Arabia’s digital revolution. LEAP has facilitated the creation of innovation centers across the kingdom, fostering collaboration between local entrepreneurs, startups, and established businesses. These hubs have proven instrumental in nurturing disruptive technologies and driving industry-specific advancements. Efforts to digitize various government services and streamline regulations have improved the ease of setting up business in Saudi Arabia. This has attracted local and international investors, driving economic growth and creating a favorable environment for entrepreneurship.

Dive into LEAP2024:

Building upon the success of previous editions, LEAP2024 has announced an impressive investment this year. Saudi Arabia revealed $11.9 billion in investments in the digital sector at #LEAP24.

Digital Infrastructure Development: LEAP2024 recognizes the critical role of a robust digital infrastructure. Investments will focus on expanding network capabilities, enhancing broadband connectivity, and deploying advanced technologies like 5G and IoT to create a future-ready digital ecosystem.

Support for Startups and SMEs: LEAP2024 is committed to nurturing the startup ecosystem by providing financial support, mentorship programs, and initiatives to attract venture capital funding. Startups and medium-sized enterprises (SMEs) will have increased access to resources, enabling them to develop and scale their digital innovations.

LEAP2024 unveils an exciting chapter in Saudi Arabia’s digital journey, leveraging investments, fostering innovation, and propelling the kingdom towards becoming a global digital powerhouse. With a track record of achievements from previous editions, and substantial investments outlined for LEAP2024, Saudi Arabia presents an abundance of attractive opportunities for investors eager to be part of the country’s digital transformation.

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The announcement comes regarding the reconstructing of the tourist’s visa policy. Previous tourist visas to UAE and Dubai were an issue for 30 or 90 days. With single and multiple entries, respectively.

“The tourist visas can now be issued for five years with multiple uses and for all nationalities.”

UAE SPV Services are likely to introduce the multi-entry five-year tourist visa in four months. Still, other details are yet to release regarding application fees and other guidelines.

The new tourist visa was announced in the first cabinet meeting of the year held in the presence of His Highness Sheikh Mohammed.

His Highness also added that

he also appends on his Twitter handle:

Revamping of the visa will positively affect the tourism of UAE and Dubai, which has seen a decline in the number of visitors from India, Russia, and Britain in the past year.

Dubai also did not reach the expected number of 20 million visitors by 2020. Despite the increase in Chinese, Omani, and Filipino visitors.

It will also make it easier for UAE residence visa holders. To see their relatives very often with multi-entry prolonged visas. Also, businesses will benefit from an increased number of visitors staying for long.

The cumulation:

UAE is ready for the development of the next 50 years and to emerge as the world’s top business and tourist destination. With reforms introduced and the upcoming World Expo 2020.

It’s your time to make the most of the opportunities with visitors visa or Dubai residence visa to seize the opportunities lying ahead.

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