Dubai Free Zones Council, Dubai Exports to boost exports

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DUBAI - The Dubai Free Zones Council, DFZC, today signed a memorandum of understanding, MoU, with Dubai Exports in a bid to boost business opportunities, foreign trade and the volume and value of exports. The MoU aims to reinforce Dubai's position as a global destination for quality exports from various economic and service sectors, and free zones and as a centre for re-export trade.

The Memorandum of Understanding was signed at the office of Dubai Exports between Dr Juma Al Matrooshi, Deputy to the Secretary General of the Dubai Free Zones Council, and Saed Alawadi, CEO of Dubai Exports.

The MoU aims to exchange expertise, information and knowledge. and enhance commercial and business opportunities and export trade globally with a focus on building capabilities and optimising resources, and includes within its scope manufacturers, exporters, traders and service providers.

According to the MoU, free zone companies and members of Dubai Exports are mandated to build and develop commercial and investment synergies. Both parties to the agreement are encouraged to communicate, interact and explore opportunities for organising joint commercial and promotional activities.

The MoU motivates qualified companies to become registered members of Dubai Exports and encourages free zone companies to join the Exporters' Portal initiative and benefit from the information and electronic services it provides to facilitate new market access for their products and services.

Dr. Al Matrooshi said, "In line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and according to the strategic plan developed by Dubai and its free zones to diversify the emirates economy and enhance income sources, Dubai has positioned itself as a global platform for export and transit trade."

Al Matrooshi pointed out that free zone trade during the past five years has reached AED2.6 trillion, with imports accounting for AED1.5 trillion, non-oil exports registering AED131 billion, and transit trade notching up AED1.03 trillion.

Free trade accounted for 32 percent of the overall foreign trade from 2014 to 2018, amounting to AED8.1 trillion, with over 44,000 companies now operate in Dubai's free zones.

For his part, Saed Alawadi said, "Dubai Exports is pleased to further consolidate synergies with DFZC with this agreement that seeks to achieve Dubais vision for the future and our own mutual strategic goals to provide competitive export opportunities for companies from diverse industrial and commercial sectors."

"This agreement will also contribute significantly to achieving the Dubai Silk Road Strategy and Dubais geo-economic map launched earlier this year under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum," Alawadi concluded.