Dubai-UAE: 04th February 2020: His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council (DFZ Council), headed the 14th meeting of the Council at its headquarters and reviewed the progress on building an electronic portal for free zone entities in Dubai. Among the other items reviewed were the status of the comprehensive geo-economic map of the emirate.
The Council recommended enhancing cooperation between Dubai's free zones, Dubai Chamber of Commerce and Industry, and the General Directorate of Residency and Foreigners Affairs – Dubai. In this context, the members stressed the importance of providing the ‘Golden Visa' for investors that offers an incentive to attract businesses to Dubai and retain them as major contributors to the emirate's economy. The Council also proposed conducting a feasibility study to create a dedicated free zone for electronic games.
His Highness Sheikh Ahmed bin Saeed Al Maktoum said: “The January 4, 2020 Charter lays the foundations of Dubai's future, and consolidates its prominent position among the world's cities and economic centers that provide a conducive business environment for international companies.”
He added that achieving the goals of the Charter requires joint efforts to establish an innovative economic system that supports Dubai's vision of attracting new investments from across the globe and diversifying the economy.
His Highness Sheikh Ahmed bin Saeed Al Maktoum noted that the DFZ Council reflects the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to implement action plans that integrate state-of-the-art technologies to position Dubai as a key hub for international companies.
During the meeting, the DFZ Council explored the Free Zone Window initiative, scheduled to launch in Q3 2020, that seeks to help investors identify the most suitable free zone according to their requirements through a simple online process.
The members also examined the outcomes of a study that assessed Dubai's free zones based on performance and benchmarked them against their global counterparts. According to international best practices, the research identified the most promising sectors to focus on in building on Dubai's success and boosting its competitiveness. The study highlighted the importance of Dubai's free zones and their contribution to the emirate's GDP.
DFZ Council members were also briefed on the requirements for implementing viable economic activities systems and the expected impact of such a step on free zone companies. They also received the latest updates in the country's mutual evaluation process according to the Financial Action Task Force (FATF). The purpose of the exercise is to assess the country's readiness to combat money laundering and terrorist financing.