Jafza set to pump $354m into Dubai's economy
DUBAI, May 18, 2019
Dubai's Jebel Ali Free Zone (Jafza) will become the first free zone in the UAE to return cash and bank guarantees to its clients through its new Workforce Protection Programme initiative that is set to roll out in September of this year.
The move by the GCC’s largest special economic zone, will provide added benefits to employees and infuse Dh1.3 billion ($354 million) back into the emirate’s economy that companies can invest in their operations and strengthen their businesses.
The decision is geared towards supporting goals set by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to improve worker rights and protections under the UAE Government’s insurance initiative, said its top official.
Sultan Ahmed Bin Sulayem the Chairman of the Ports, Customs and Free Zone Corporation and the Jebel Ali Free Zone Authority, said: "Jafza welcomes the UAE government’s latest initiative as it will play a significant role in taking the country in the right direction."
One of the world’s leading free trade zones, Jafza is home to over 7,500 multinational companies and accounts for 23.9% of total FDI (Foreign Direct Investment) flow into the country and it sustains the employment of more than 135,000 people in the UAE.
"Our people are our greatest assets, and we are committed to providing them with a fair work environment that ensures they receive all the rights, privileges, and protections that should be afforded to them as core contributors to the nation’s economy," noted Bin Sulayem.
Through the Workforce Protection Programme, Jafza is striving to raise standards for the UAE’s private sector by providing businesses with a model they can emulate successfully.
Under the new Workforce Protection Programme, companies will avail insurance coverage that will help protect the workers in case of wage default by their employers.
This coverage will extend to all existing Jafza sponsored employees, and will be applied by default to any new workers from the time they receive their work visas.
DP World, UAE Region and Jafza have adopted critical roles in Dubai’s economy as key employers, accounting for 16.2 per of the emirate’s total workforce.
Jebel Ali Port and Free Zone employees are 1.4 times more productive than the average UAE employee, contributing to over 33% of Dubai’s GDP in 2017. Jafza also generated trade worth $83.1 billion during that year.
As an integrated multi-modal hub, Jafza offers sea, air and land connectivity, complemented by extensive logistics facilities.-TradeArabia News Service
