In its efforts to improve services provided to businesses and investors, Dubai has announced the establishment of the Dubai Integrated Economic Zones Authority, a new body that will oversee the operations of the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity.
According to a new law issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Integrated Economic Zones Authority will be an independent legal entity with financial and administrative autonomy.
The new authority's main agenda is to focus on promoting Dubai's economic competitiveness, especially in retail, technology, Islamic economy, e-commerce, industrial, logistics and shipping sectors. It will also support SMEs and drive entrepreneurship and innovation across sectors.
Sheikh Ahmed bin Saeed Al Maktoum has been appointed as the Chairman and Dr. Mohammed Ahmed Al Zarouni as Executive Chairman of the Authority.
Sheikh Mohammed said that the new initiative will consolidate the success of Dubai’s free zones and contribute to the national economy.
“The creation of the Dubai Integrated Economic Zones Authority is a vital move to enhance Dubai’s global competitiveness and raise its investment attractiveness. The private sector is a major partner in our development journey over the next 50 years and the government continues to explore innovative initiatives to support their growth and success,” Sheikh Mohammed said.
“Our objective is to make Dubai the destination of choice for global investors and a major focal point for global commerce,” he added.
Over 5,000 international firms, covering 20 key economic sectors and employing 30,000 employees from all over the world, will operate under the Dubai Integrated Economic Zones Authority, according to a statement to the media.
Economic activity regulated by the Authority generates 5 percent of Dubai’s GDP, it said.
(Writing by Seban Scaria; editing by Daniel Luiz))
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021