Dubai-based global free zone operator Jebel Ali Free Zone (Jafza), has says it has decided to withdraw from the management concession at Port Klang Free Zone (PKFZ) in Malaysia. JAFZA has given formal notice of termination to the Port Klang Free Zone Authority (PKFZA), the organization responsible for overseeing PKFZ.
JAFZA says: “The decision to withdraw also comes as JAFZA realigns its business strategy. As JAFZA further develops as the world’s leading global free zone developer, the company is now primarily interested in free zone developments where it can retain operational control as an equity stakeholder in a project. The PKFZ concession was purely an operational and management contract with 100% equity retained by the Port Klang Authority (PKA). JAZFA International will work with PKFZA to ensure a smooth handover of management responsibility at the development.”
JAFZA says: “The decision to withdraw also comes as JAFZA realigns its business strategy. As JAFZA further develops as the world’s leading global free zone developer, the company is now primarily interested in free zone developments where it can retain operational control as an equity stakeholder in a project. The PKFZ concession was purely an operational and management contract with 100% equity retained by the Port Klang Authority (PKA). JAZFA International will work with PKFZA to ensure a smooth handover of management responsibility at the development.”