During the 26th meeting of the Dubai Free Zones Council (DFZC), H.H. Sheikh Ahmed bin Saeed Al Maktoum, who serves as the Chairman, affirmed the council’s commitment to bolstering Dubai’s economy and drawing in global investments. He stated that the council is actively engaged in crafting performance metrics aimed at strengthening its pivotal position in achieving these objectives. This initiative underscores the DFZC’s dedication to diversifying Dubai’s economic landscape and fostering an environment conducive to international investment.
Sheikh Ahmed bin Saeed highlighted the significant role Dubai’s free zones have played in positioning the city as a premier investment destination on a global scale over the past decades. He emphasized that the ongoing efforts aim to build upon these accomplishments by introducing the Free Zones Model 2030. This initiative is designed to attract a substantial influx of annual foreign direct investments over the coming decade. The primary focus lies in enhancing the competitiveness of Dubai’s free zones while streamlining processes to facilitate the establishment, expansion, and growth of businesses. Furthermore, aligning with the objectives outlined in the Dubai Economic Agenda D33, the Free Zones Model 2030 strives to support the ambitious goal of doubling the size of Dubai’s economy within the next ten years.
In addition, Sheikh Ahmed bin Saeed emphasized the ongoing development of Dubai’s free zones model to strengthen its global standing in investment attraction. The objective is to empower sectors pivotal to the future economy, thereby reinforcing Dubai’s position as a beacon of opportunity and a catalyst for innovative ideas. Through this initiative, Dubai aims to serve as a platform for fostering success stories that inspire and drive progress.
The members of the Dubai Free Zones Council (DFZC) conducted a comprehensive review of the progress made in crafting the Free Zones Model 2030. This strategic endeavor, spearheaded by the DFZC, aims to bolster Dubai’s competitive edge and foster its continued economic prosperity.
Additionally, the DFZC sanctioned the formulation of a mechanism designed to furnish real-time data to entities operating within the free zones. This initiative is geared towards expediting decision-making processes while upholding principles of privacy and robust governance. By implementing such measures, the DFZC endeavors to enhance operational efficiency and promote a conducive environment for business growth within Dubai’s free zones.
These indicators are crucial for strategic decision-making, offering immediate and thorough insights into economic activities within free zones. They serve to improve information management effectiveness through data analysis and monitoring of economic performance, thereby enhancing overall operational efficiency.
Furthermore, the Council received an update on the recent advancements regarding a set of proposed laws aimed at streamlining administrative procedures and transactions. These legislative measures are intended to augment Dubai’s appeal to skilled professionals, entrepreneurs, startups, small and medium-sized enterprises (SMEs), as well as international corporations.
Additionally, the Council was briefed on the performance outcomes pertaining to the Financial Action Task Force (FATF). These results underscore the efforts directed towards reinforcing the role of Dubai’s free zones in fostering a culture of compliance and adhering to international best practices. By staying abreast of FATF guidelines, Dubai aims to bolster its reputation as a jurisdiction committed to upholding stringent regulatory standards.
During the meeting, the Council thoroughly examined a summary of projects undertaken in 2023 under the guidance of the Council Secretariat, in collaboration with specialized committees and representatives from free zone authorities. These projects encompassed various aspects, such as the implementation of the unified Dubai license, conducting an economic impact study of free zones, analyzing energy demand, combating money laundering, and standardizing service nomenclature within free zones.
Furthermore, the Council received updates on the progress of ongoing projects slated for implementation. Notably, these include initiatives like organizing a series of awareness sessions on corporate tax for both free zone authorities and companies operating within these zones. Such endeavors highlight the Council’s commitment to fostering an environment conducive to business growth and compliance with regulatory frameworks within Dubai’s free zones.
At the conclusion of the meeting, the council conducted a thorough review of the budget allocated to support and fund projects undertaken by the free zone authorities. These initiatives are integral to bolstering the role and impact of Dubai’s free zones on the emirate’s economy. By meticulously examining the budgetary allocations, the council ensures that resources are allocated efficiently to initiatives that drive economic growth and strengthen Dubai’s position as a global business hub. This diligent oversight underscores the council’s commitment to maximizing the positive contributions of the free zones to Dubai’s economic prosperity.
Also Read : Ministry of Economy Strengthens Pricing Regulations to Ensure Consumer Rights Protection During Ramadan 2024