Financial Times names Masdar City best free zone for renewable energy
- Also collects awards for start-up support, R&D investment and facilities upgrades
Abu Dhabi, United Arab Emirates; November 21, 2017: Masdar City has been named “Best Free Zone for Start Up Support” by the Financial Times and has collected three other prestigious global awards.
The Global Free Zone of the Year Awards hosted by the FT’s fDi Magazine are among the most high-profile awards in the free zone sector, with approximately 65 free zones entering this year’s competition. This is Masdar City’s second consecutive year receiving awards.
In addition to the Best Free Zone for Start Up Support award, Masdar City took home awards for Best Free Zone for Renewable Energy, R&D Incentives and Facilities Upgrades. Now home to more than 500 companies, the free zone also ranked second in the Best Middle East Free Zone for SMEs category.
Mohammed Al Fardan, Director of the Masdar City Free Zone, said: “We’re honoured to receive further industry recognition of Masdar City’s position as Abu Dhabi’s fastest growing free zone, and of its evolving portfolio of services catering to a wide range of tenants, from global multinationals to start-ups. Our clients value both Masdar City’s strategic location and the many benefits that come with being part of the city’s thriving community. By providing this supportive ecosystem, our aim is to make Abu Dhabi and Masdar Free Zone a breeding ground for new start-ups”
Masdar City’s tenants base has grown 25 per cent in the past year along with the number of enhanced services, including benefits for start-ups and entrepreneurs. The free zone will shortly be introducing a new online application process to further streamline administration for new tenants. Masdar City Free Zone specialists will attend Abu Dhabi Sustainability Week in January 2018 to host presentations at the Masdar booth.
Masdar City is currently undergoing its busiest phase of development. More than 260,000 square metres of completed buildings are fully leased and occupied, while a further 700,000 square metres of projects have firm development agreements in place. These include schools, offices, hotels, shops, restaurants and private homes.
One of the latest developments at Masdar City is the completion of the new Accelerator Building, with 5,000 square metres of extra Gross Floor Area. The recently launched Krypto Labs incubator, also based at Masdar City, supports start-ups with work space and US$100 million in funding over the next three years.
Masdar City Free Zone benefits include:
- 100% foreign ownership
- Exemption from corporate and personal income taxes
- Access to R&D partnerships through the Masdar Institute part of Khalifa University of Science & Technology
- Minimum share capital requirements waived
- Standard requirement to provide a bank or employee guarantee when issuing a UAE residence visa waived
- Direct access to tenant and client networking events at Masdar City, as well as access to a dedicated business community portal
- 5 minutes from Abu Dhabi International Airport
- 20 minutes from downtown Abu Dhabi and Mussafah Industrial Zone
- Professional support for start-ups to accelerate their business through Catalyst, one of the Masdar City tenants. Catalyst offers tailored mentoring from dedicated global companies that provide ultimate expertise for emerging entrepreneurs.
Home >> Energy and Industry Section