A UAE-backed freeport on the river Thames won the support of the British government on Wednesday, after UK Finance Minister Rishi Sunak unveiled the eight winning bids to turbocharge post-Brexit Britain in his budget statement.
The Thames Freeport in East London's Thames Estuary is a digitally linked, special economic zone that includes DP World-owned London Gateway port, as well as Tilbury port and a Ford factory in Dagenham. It is one of eight new economic zones that will receive tax advantages and customs relief.
Alan Shaoul, chief financial officer at DP World in the UK, said on Wednesday that the Thames Freeport was “open for business”.
“Our London Gateway site alone has almost 10 million square feet of land that has planning consent, and the capacity to expand materially its operational area and therefore attract new foreign direct investment within the lifetime of this parliament,” Mr Shaoul said.
Freeports are areas that allow companies to import and export from the UK under simplified customs, tax and planning rules, one of Mr Sunak’s plans to help the country build back from the pandemic because they will attract investment and trade and boost jobs across the country.
The sites, which include ferry ports and airports, are eligible for stamp duty and business rates relief, with National Insurance relief, a lower rate of VAT and employment tax also offered to employers in some instances.
Goods can be imported into the freeport, then manufactured and exported again without facing standard tariffs or requiring normal customs checks.
Another two freeports in the devolved administrations of the UK are yet to be unveiled.
The bidding process for the UK freeports opened in November, with the government accepting bids from cities and towns across England with the aim to drive investment, create jobs and regenerate communities as part of a levelling-up agenda.
Mr Sunak unveiled the winning bids in his budget statement, with East Midlands Airport, Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside all securing freeport status.
Mr Sunak said the eight sites, which will be up and running by the end of the year, will provide an “unprecedented economic boost across the UK”.
"Our freeports will have simpler planning – to allow businesses to build; infrastructure funding – to improve transport links; cheaper customs – with favourable tariffs, VAT or duties; and lower taxes – with tax breaks to encourage construction, private investment and job creation," Mr Sunak said.
Thames Freeport urged businesses looking to expand to take advantage of the tax benefits of relocating to the freeport and being part of a customs zone.
Thames Freeport will pump £4.5 billion of new public and private investment into the area and create more than 25,000 new jobs.
There will also be £400m of investment into the surrounding region, which houses 20 per cent of the UK’s most-deprived communities.
Thames Freeport said the concept is in its “DNA” because “DP World began as a free trade zone in Jebel Ali, while Tilbury was a freeport until 2012”.
Stuart Wallace, chief operating officer at Forth Ports, the owners of the Port of Tilbury, said Thames Freeport was “ready to hit the ground running” with the special economic measures set to "turbocharge the best of the private sector, attracting value and manufacturing activity to the ports, the Thames Estuary and the wider South-east, alongside supporting key infrastructure projects in the coming years".
"The Thames Freeport will be that catalyst to level up the left-behind communities along the estuary," Mr Wallace said.
About 30 ports and airports reportedly applied for freeport status, with the deadline for bids ending last month.
Bids in England were scored against different criteria, with one of the most important, according to the government, being how a site could bring economic opportunity to poorer regions and "level up" the country.
The consortium behind Thames Freeport said last month that its proposal was attractive because the area has direct shipping routes to every continent.
While supporters say freeports can help increase manufacturing, and encourage jobs and investment in areas that would otherwise struggle to attract them, critics argue that they create mini tax havens and simply move economic activity from one place to another at a cost to the taxpayer.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Killing of Qassem Suleimani
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Company%20Profile
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UAE currency: the story behind the money in your pockets
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Price: From Dh149,900
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
