ID :
16130
Sat, 08/16/2008 - 19:34
Auther :
Shortlink :
http://m.oananews.org//node/16130
The shortlink copeid
MAJOR COSMETIC COMPANIES SET UP BASE IN DUBAI
DUBAI, Aug 16 (Bernama) -- A record 10 global cosmetic companies have set up branch offices at the Dubai Airport Free Zone (DAFZ) in recent months, spurred by robust sales and growth figures of the cosmetics and personal care sector.
DAFZ director-general, Dr Mohammed Al Zarouni, said cosmetic and fragrancecompanies were being lured by its tax-free and 100 percent ownership incentives.
The companies are Chanel Limited FZE, Clarins Groupe (Middle East) Ltd.
(Branch), Estee Lauder Middle East FZE, P & G Cosmopolitan Cosmetics (Branch), Perfumes Loewe Middle East (Branch), Guerlain Middle East (Branch), Revlon Middle East (Branch), Parfums Givenchy Middle East (Branch), Parfums ChristianDior S.A. (Branch), and Elizabeth Arden (Middle East) FZE.
"A new trend we're seeing is that quite a number of these companies are coming and setting up Middle East regional offices in Dubai Airport Free Zone,"Dr Al Zarouni said in a statement.
The Middle East cosmetics and personal care sector has been growing at an estimated 12 percent annually over the past three years, chalking up 7.7 billiondirham (US$2.1 billion) in sales in 2007.
The advantages of setting up a regional office at the DAFZ include its location adjoining the Dubai airport and easy access to the state-of-the-art Dubai Cargo Village, Dr Zarouni said, adding that at the airport, 135 airlinesfly to 210 destinations which is a boon for investors.
Added attractions for international cosmetic firms include total repatriation of capital and total exemption from corporate, personal income, andcommercial levies.
According to Dr Zarouni, research indicated that residents of the United Arab Emirates and other Gulf Cooperation Council (GCC) countries were increasingly appearance-conscious with over 30,000 salons in GCC, spurringdemand for beauty products.
"In fact, the consumption of cosmetics and perfumes in the region is ranked among the highest per capita worldwide, with an average purchase per head ofaround 1,226 dirham (RM1,118) annually," he added.
Dubai is a strong trade hub presenting re-export opportunities to Gulf states, Iran, India, Pakistan, East Africa and the Commonwealth of IndependentStates.
DAFZ director-general, Dr Mohammed Al Zarouni, said cosmetic and fragrancecompanies were being lured by its tax-free and 100 percent ownership incentives.
The companies are Chanel Limited FZE, Clarins Groupe (Middle East) Ltd.
(Branch), Estee Lauder Middle East FZE, P & G Cosmopolitan Cosmetics (Branch), Perfumes Loewe Middle East (Branch), Guerlain Middle East (Branch), Revlon Middle East (Branch), Parfums Givenchy Middle East (Branch), Parfums ChristianDior S.A. (Branch), and Elizabeth Arden (Middle East) FZE.
"A new trend we're seeing is that quite a number of these companies are coming and setting up Middle East regional offices in Dubai Airport Free Zone,"Dr Al Zarouni said in a statement.
The Middle East cosmetics and personal care sector has been growing at an estimated 12 percent annually over the past three years, chalking up 7.7 billiondirham (US$2.1 billion) in sales in 2007.
The advantages of setting up a regional office at the DAFZ include its location adjoining the Dubai airport and easy access to the state-of-the-art Dubai Cargo Village, Dr Zarouni said, adding that at the airport, 135 airlinesfly to 210 destinations which is a boon for investors.
Added attractions for international cosmetic firms include total repatriation of capital and total exemption from corporate, personal income, andcommercial levies.
According to Dr Zarouni, research indicated that residents of the United Arab Emirates and other Gulf Cooperation Council (GCC) countries were increasingly appearance-conscious with over 30,000 salons in GCC, spurringdemand for beauty products.
"In fact, the consumption of cosmetics and perfumes in the region is ranked among the highest per capita worldwide, with an average purchase per head ofaround 1,226 dirham (RM1,118) annually," he added.
Dubai is a strong trade hub presenting re-export opportunities to Gulf states, Iran, India, Pakistan, East Africa and the Commonwealth of IndependentStates.
