UAE, 3 July, 2024 : H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued an Emiri Decree to establish the Sharjah Communication Technologies Free Zone (COMTECH) in Kalba, Sharjah. The Free Zone aims to:
1. Enhance Sharjah’s position in communication technologies and contribute to economic development.
2. Establish an attractive hub for investments, partnerships, and skilled professionals in communication technologies.
3. Support and promote the communication technology sector to elevate Sharjah’s global standing.
4. Create a conducive environment for investing in technological transformation, artificial intelligence, and future technologies.
5. Aid technology firms, information centers, and artificial intelligence institutions.
6. Develop national talent in science and attract international professionals in communication technologies.
The Decree grants COMTECH:
1. Legal personality and financial independence under the Sharjah Communications Technologies Authority.
2. Authority to formulate policies, grant licenses, establish data centers, and support national and international collaboration.
COMTECH’s director, appointed by the Ruler or Council, will:
1. Formulate policies and oversee project execution.
2. Manage organizational, administrative, and financial regulations.
3. Coordinate with authorities and entities, and represent COMTECH in legal matters.
The Emiri Decree includes provisions for:
1. Financial resources, yearly budget, exemptions, and inspection powers.
2. Exemption from certain laws, fees, fines, and non-accountability for debt.
3. Enforcement mechanisms and publication requirements to ensure regulatory compliance and transparency.
Source : www.zawya.com
