Dubai has agreed to help companies in Shanghai’s free trade zone get a foothold in the Middle East and around the world, 21st Century Business Herald reported Friday. Dubai’s Jebel Ali Free Zone signed the agreement with its Shanghai counterpart. The deal enables thousands of investors in Shanghai’s nascent economic pilot zone to tap global investment opportunities, especially in the Middle East, Khalid Al Marzooqi, Jebel Ali Asia Pacific senior sales manager was quoted as saying. Established in 1985, Jebel Ali is the first and biggest free trade zone in the region, commanding an area of 580,000 square meters. In 2013, it housed 7,100 companies including more than 130 on the Fortune 500 and 170 Chinese enterprises. It has zero profit tax and no personal income tax but levies service charges and management fees, the report said.
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