SURAT, India, January 12, 2017 /PRNewswire/ --
- The new global hub of the textile, apparel and jewelry industry is set to provide India's business owners a concrete path to global expansion and growth
- The only free zone mall of its kind in the world, Textile Mall offers Indian businesses Free Trade Enterprise (FZE) trade licenses to operate in the United Arab Emirates
- Unprecedented 30-year fixed-price lease guarantees zero increases on rent for 30 years
- 1.8 million square foot mall contains over 1,200 shops with multiple sizes and layouts
Several key Indian ministries and major associations expressed their widespread endorsement for Dubai's Ports, Customs and Free Zone Corporation's latest project, Textile Mall, the first merchandise hub of its kind in the world. As a global hub for textile, apparel and jewelry sector businesses, Textile Mall is set to significantly invigorate international trade for India-based merchants and their businesses - stimulating a vital growth industry in the heart of Dubai, the gateway hub between east and west.
Clothing Manufacturers Association of India (CMAI), Southern Gujarat Chamber of Commerce and Industry (SGCCI) and other key ministries expressed encouragement of Indian businesses to take advantage of the opportunity to expand horizons with Textile Mall.
While visiting four cities throughout India last month to meet with India-based textile, apparel and jewelry sector business owners, the Textile Mall executive delegation received widespread support from several ministers and major associations, including the Clothing Manufacturers Association of India (CMAI) and the Southern Gujarat Chamber of Commerce and Industry (SGCCI).
In his opening speech to the Textile Mall delegation, Hon. Chief Minister of Gujarat, Shri Vijay Bhai Rupani expressed "One hundred percent support" of Textile Mall, and invited Textile Mall to be a part of Vibrant Gujarat Global Summit 2017 to promote growth of Indian businesses through Dubai.
Adding to Hon. Chief Minister of Gujarat comments, Industrial Minister of Gujarat, Shri Rohit Bhai Patel, said, "The entrepreneurs of Surat should tap into the abundance of opportunities found in each and every corner of the world. Today, we see that Textile Mall is a great platform that is full of opportunity and ample access the global market."
As the first-ever mall in Dubai that operates under a Free Zone Enterprise (FZE) trade license, Textile Mall's offers a unique 'open door' policy for Indian merchants looking to expand their business, reach new competitive global markets and greatly bolster their customer base. Acting as a galvanizer of the industry, Textile Mall will become a diverse and competitive hub of merchants from around the world and a one-stop-shop for large and small-scale buyers alike.
Among many other benefits under the FZE trade license, Indian business owners have 100% foreign company ownership of their business, no corporate or personal income tax, full repatriation of capital and profits and four allocated residency visas per license. Ports, Customs and Free Zone Corporation (PCFC), the developer of Textile Mall, also operates Trakhees - the government entity that administers licenses, making the entire application process for Textile Mall shop tenants seamless. Furthermore, payment can be initiated in Indian Rupees for additional convenience.
The mall also offers an unprecedented 30-year, fixed-price lease for all tenants - saving tenants upwards of USD $800,000 over a 30-year period when compared to average rent increase rates in Dubai over the same period.
Hamza Mustafa, Chief Executive Officer, said, "Textile Mall is not only a groundbreaking opportunity, but an empowering one, too. Textile Mall is designed for ease and efficiency - from the lease that guarantees no increases on rent for three decades, to the effortless steps it takes for international merchants to apply for a license to set up shop. We've spent years speaking to traders about what they need to make their business thrive, and Textile Mall is the result of that."
Ian Russ, Chief Investment Officer, said, "Our trip to India not only signifies the vitality of the Indian textile, apparel and jewelry industry, but solidifies Textile Mall's commitment to opening Dubai's doors to India-based merchants who will have the opportunity to be a part of the future of their trade on an international platform. Dubai has a unique central location, only a four-hour flight away from one-third of the world's population, and eight hours from two-thirds. This hub fills a necessary gap in the global market and we are proud to usher in the future of the trade with Textile Mall."
For more information, please visit http://www.textilemall.ae
SOURCE Textile Mall