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Jafza receives strong interest from North Sea based oil and gas multinationals

posted on 20/11/2015: 1503 views



Jebel Ali Free Zone, Jafza, has received huge interest from oil and gas industry leaders based in the North Sea region particularly from the UK, Denmark and France, at the recently concluded ADIPEC conference. These companies are looking forward to establish 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 in both oil and non-oil sectors.

Commenting on successful Jafza participation in ADIPEC, Sultan Ahmed bin Sulayem, Chairman, DP World and Ports, Customs and Free Zone Corporation, said, "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.

"The oil and gas sector trade in Jafza has seen 462% growth in the last ten years growing from Dh11.38 billion in 2005 to Dh52.69 billion in 2014.

"Jafza's remarkable evolution into the region's oil and gas industry hub can be attributed to the free zone's deep commitment to the vision of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to position Dubai as the top innovation-driven business hub and investment destination in the world, through its ceaseless pursuit of excellence in terms of products, service and overall ecosystem.

During the 4-day event Jafza registered requests for the 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 and 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. . – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395288209616.html

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