A UAE-based free trade zone has opened a new office in Pakistan's commercial hub Karachi to support investment operations in the cash-strapped country.
Ajman Free Zone's new office is part of its global expansion plan and follows opening of offices in India, Dubai and the UK.
"The opening of the new office is a logical and expected phase within a strategic framework set by Ajman Free Zone for geographic expansion in international markets," said Mahmoud Khalil Al Hashimi, General Manager of Ajman Free Zone.
It will contribute to the presence of the Free Zone in the region. The free zone orientations about global expansion are well planned to ensure their integration with local operations and customers' needs and comes in line with the overall vision, set by senior leadership in this respect, he said.
The office will provide support for investment operations and movement of funds of Pakistani customers who aspire to make business in the UAE and GCC, UAE's official news agency WAM reported.
This will support development, the local market and creates new business partnerships, Hashimi said, adding that expanding operations and increasing investments in Pakistan support the UAE's role as a gateway for global trade.
Aiming to revive Pakistan's weak economy, the IMF yesterday approved nearly USD 500 million in its latest tranche of financial assistance to the country, bringing the total amount of money released to USD 5 billion.
