Economic Zones World (EZW), the Dubai World-owned developer of economic zones and industrial parks, is eyeing opportunities for the development of a logistics hub at the port of Basra in Iraq.
The hub is part of EZW's plans to expand its global presence despite the financial downturn and will be modeled on its Jebel Ali Freezone (JAFZA) project.
It will also be an opportunity for EZW to get closer to its customers as well as bring global businesses closer to their customers in the region, according to Talal al Hashimi, the managing director of EZW.
About five cargo and passenger vessels currently travel between Dubai and Basra.
"Because we have already established this connection, it makes sense to develop a logistics park near the port in Basra," said Mr al Hashimi.
"It's about being closer to our consumers."
EZW also plans to move ahead with projects in the US, China and India over the coming year.
It has also stepped up its sales strategy to attract more companies from Europe, the US and Asia to JAFZA.
About 1,600 companies are currently based in the industrial zone, while 1,000 are on a waiting list.
Between 60 and 70 per cent of the zone will be occupied by the end of this year.
"We're still working at the same strength as we were before the crisis," said Ibrahim Al Janahi, chief commercial officer at EZW.
"We might change our direction and where we target, such as which country and industry, but we're still growing at the same speed. There are opportunities for us in other countries and this is what we're targeting now."
agiuffrida@thenational.ae
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Rating: 4.5/5
A MINECRAFT MOVIE
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
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Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
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