Saturday 23 February 2019

Image courtsey: WAM
Sheikh Ahmed Bin Saeed Al Maktoum

Dubai Free Zones Council aims to draw more FDI

DUBAI, May 28, 2018

The Dubai Free Zones (DFZ) Council discussed in its ninth meeting initiatives to promote foreign direct investment (FDI) flows to the emirate’s free zones, said a report.

Key items on the agenda included easing the business set-up and reducing fees in the free zones, the new e-commerce regulations, the assessment of the effectiveness of measures related to anti-money laundering and combating terrorism financing, as well as Dubai Blink initiative, reported state news agency Wam.

Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Civil Aviation Authority and chief executive of Emirates Group chairman of DFZ, who presided over the meeting, said that over the past decades, free zones have been instrumental in increasing Dubai's GDP and FDI inflows that are experiencing high annual growth despite the prevailing global economic climate.

He added that emirate's free zones are seen as more than just economic facilitators. Due to their legislative and investment incentives and through adopting strategic initiatives that shape the future of trade and economy to consolidate Dubai's status as an ideal business destination.

Sheikh Ahmed further noted that members of the DFZ Council place high importance on collaboration, innovation, and integration that are essential prerequisites for success and progress.

He pointed out that this approach has gone a long way towards enhancing the attractiveness of Dubai's free zones for investors and major international companies.

The DFZ Council reviewed the updates on an initiative to create a centralised electronic system to streamline registration and licensing procedures that will link all the free zones in Dubai to a data centre under the supervision of the council, and route orders to the concerned authorities for approval.

In this context, the DFZ Council established a permanent administrative and technical committee to oversee the project and set a timetable for its implementation.

The attendees also overviewed the latest developments in the free zone e-commerce initiative, presented in April to HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, it said.

The effort seeks to stimulate the national economy through developing an ecosystem that boosts the quality of e-commerce services, added the report.

Tags: | FDI | Draw |

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