Looking to take advantage of business-friendly environment in the UAE, another listed Pakistani company announced that it will establish its subsidiary in the Gulf country.

Symmetry Group, a digital technology company based in Pakistan, in its notice to the Pakistan Stock Exchange (PSX) shared the company’s plans to set up a subsidiary in UAE.

“Symmetry Group Limited’s Board of Directors has approved formation of the wholly owned subsidiary in UAE,” read the notice on Friday.

“This subsidiary will pave the way for global launch and scaling of the intellectual properties (products), developed in-house,” it added.

The company was of the view that this new entity will enhance Symmetry Group’s “credibility and provide greater access to business opportunities across the GCC and international markets”.

Pakistan’s Symmetry Group says it has inked deal with US tech company

“It will also offer increased flexibility in forming partnerships, joint ventures, and securing international contracts.

“Moreover, this strategic move will enable more efficient financial structuring and operational optimization, while exploring innovative business opportunities and global strategic investments,” it added.

At the time of this report, the share price of Symmetry Group stood at Rs10.84, an increase of Re0.53 or 5.14%. It closed Friday’s session at Rs10.47.

The company was listed on the PSX just last year.

UAE’s appeal

Back in June, Ismail Industries Limited, a manufacturer of confectionary items, announced it plans to set up a subsidiary in Abu Dhabi, UAE.

Similarly, Treet Corporation Limited announced that it has successfully incorporated a wholly-owned subsidiary, Treet Trading LLC, in Dubai, UAE.

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.

Comments

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Faiz Jalib Sep 06, 2024 06:50pm
The now reduced tax collection will be supplemented via IMF. Elites austerity measures are to implement more taxes on the populace
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zh Sep 07, 2024 01:27am
Rats are jumping the sinking ship. Where is the $100 billion investment that are wizard was to bring?
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Aamir Sep 07, 2024 06:28am
Investments especially real estate will move to Dubai because of low taxation and security
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Zain Sep 07, 2024 10:46am
Many companies find this short cut to raise their share, no company should authorize to manipulate it's shares till finalize of it business or contract. Cloud share fraud is also just like this.
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PERVEZ AHSANI Sep 07, 2024 11:00am
I doubt if establishing such companies outside Pakistan is a good move for the economy of Pakistan....
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