WORLD> Middle East
Arabs to establish union of free zones
(Xinhua)
Updated: 2008-06-01 16:12

AMMAN  -- Arab countries will establish "Arab Union of Free Zones" in an effort to coordinate measures and legislation among free zones to attract more investment, local daily Jordan Times reported Sunday.

The announcement was made after the two-day "Investment Forum in the Free Zones" concluded here on Saturday.

The union, to be based in Amman, comprises Jordan, Syria, Sudan, Egypt, Oman, Bahrain, Libya, Iraq and the United Arab Emirates as well as the private free zones in Arab states.

It is seen by the participants as an important step towards enhancing partnership and investment among Arab countries through a system of integrating different laws and legislation.

Mahmoud Qteishat, director general of Jordan's Free Zones Corporation (FZC), was selected as secretary general of the union.

Ahmad Abdul-Aziz, director general of the Syrian Free Zones, said membership forms would be distributed to all Arab free zones upon the endorsement of the Arab League. He added that membership was open to free zones and not limited to countries.

According to Qteishat, there are 35 Arab free zones spreading over 13 countries with a total investment of 8 billion US dollars.