Offering a business-friendly environment, the UAE has emerged as the top destination for Pakistani corporations as another listed company announced that it will establish its subsidiary in the Gulf country.
Ismail Industries Limited, a manufacturer of confectionary items, in its notice to the Pakistan Stock Exchange (PSX) shared the company’s plans to set up a subsidiary in Abu Dhabi, UAE.
“The Board of Directors (BoD) has resolved to establish/set-up a wholly owned subsidiary of the company in Abu Dhabi, UAE,” read the notice on Friday.
The company said the subsidiary would undertake manufacturing, marketing, sales, distribution, of all kinds of food products, including but not limited to biscuits and confectionery and allied products.
“The company will accordingly seek all necessary regulatory approvals and proceed with the incorporation process once the same has been obtained,” it added.
Earlier, Treet Corporation Limited announced that it has successfully incorporated a wholly-owned subsidiary, Treet Trading LLC, in Dubai, UAE.
In its notice to its stakeholders, Treet back then said that the establishment of Treet Trading LLC was a ‘strategic move’, which is part of the company’s ongoing efforts to expand its business operations and explore new market opportunities in the international arena.
“The establishment of Treet Trading LLC will enable us to enhance our market presence in the Middle East and leverage the business-friendly environment of Dubai,” said the company back then.
Pakistan’s IT cos like incorporating in Dubai: ease of payments is just one of many reasons
UAE’s appeal as the preferred destination for Pakistan’s companies has a lot to do with the streamlined payment process, favourable business environment, and better enforcement of contracts among a number of other reasons.
The UAE is ranked a highly ninth – out of 190 – on enforcing contracts. It is also ranked the first on the metric of ‘getting electricity’.
Experts believe incorporating an office in UAE offers Pakistani companies a strategic advantage, enabling them to leverage a global hub with required infrastructure and a proper legal framework.
American Dollar Exchange Rate