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ICICI’s software incubation center in Sharjah

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CIOL Bureau
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NEW DELHI: ICICI, in association with Sharjah Airport International Free Zone

Authority (SAIF-Zone), will soon be setting up a state-of-the-art software

incubation center in Sharjah, according to SAIF-Zone director-general, Taryam

Mattar Mohd Taryam.

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Speaking at a meeting organized by the Confederation of Indian Industry (CII),

he said the incubation center, which would be located in SAIF-Zone, is the

outcome of an MoU signed between SAIF-Zone and ICICI, a fortnight ago. According

to the MoU, SAIF-Zone will be an equity partner with ICICI in the project and

the incubation center will be the first of its kind in the Middle East, he

added.

Calling for more Indian participation in the SAIF- Zone, SAIF-Zone marketing

and sales officer, Humaid Abdullah Al-khatri, said several firms such as Zee

Telefims, Ashok Leyland, Godrej group, Infosys, Tata Consultancy Services, have

already set up their offices in the first ever airport free zone of the Middle

East. The number has drastically gone from a mere 55 companies in 1995, to 560

companies till date, he said. Out of this, 349 were trading companies, 135 were

service-oriented, while the 76 were from the manufacturing sector, he said.

Highlighting the salient features of the SAIF-Zone, Al-khatri said firms that

set up offices within the zone would be provided with licenses within 24 hours

and without procedural hassles. SAIF-Zone was world's first ever ISO 9001

certified Airport Free Zone, he added. Besides, allowing 100 percent foreign

ownership and repatriation of funds without currency restrictions, the Zone

levies no corporate or personal taxes, he said.

Accounting for 45 percent of UAE's industrial GDP, Sharjah is the undisputed

industrial nerve center of UAE and offers access to over 1.6 billion consumers,

he said. Sharjah International Airport, home to the biggest air-cargo hub in the

Middle East and Africa, connects 230 destinations worldwide, Al-khatri said.

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