Arab investments in Azerbaijan's Alat Free Economic Zone revealed

By  Trend

Investments from the UAE in creating production in the Alat Free Economic Zone (FEZ) in Baku totaled $500 million, a source familiar with the situation told Trend June 6.

At the same time, the source didn’t specify which project is mentioned.

The FEZ is being created in the Alat settlement in line with the Azerbaijani president’s order signed in March 2016. The territory of the new Baku International Sea Trade Port is also included in the FEZ.

DP World, one of the world’s biggest port operators, and the Islamic Corporation for the Development of the Private Sector (ICD, a part of the Islamic Development Bank Group) are rendering consulting services as part of the FEZ creation.

"The rules at the FEZ envisage exemption from taxes and customs duties for residents, although the latter must pay certain fees, for example, for the initial registration of a company," the source said.