The Dubai Free Zones Council (DFZC) has reiterated its commitment to enhance the role of Dubai’s free zones in 2025, and support achieving the objectives of Dubai Economic Agenda D33.  The objectives include doubling the size of Dubai’s economy over the next decade, and to consolidate its position among the top three global cities.

 

At its 29th meeting, chaired by Sheikh Ahmed bin Saeed Al Maktoum, council members highlighted that the performance of Dubai’s free zones during 2024 is the result of their commitment to economic diversification in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to strengthen the pillars of sustainable growth based on enhancing competitiveness, proactivity, and future preparedness.

 

The council members noted that Dubai’s free zones have made progress at various levels over the past 12 months, which is an incentive to continue their effective development role and enhance their contribution to Dubai’s economy in 2025. 

 

Well-positioned

Dubai’s free zones are well-positioned to do so by facilitating business, benefiting from innovative solutions economic accelerators, and adopting the latest technologies, including artificial intelligence and big data analytics, for direct and proactive monitoring of economic, and business indicators.

 

Simplifying regulations and legislation to attract investment

DFZC reviewed the results of a study on foreign direct investment and promising opportunities in Dubai’s free zones, through enhancing competitiveness and attracting new investments.

 

Council members discussed the latest developments regarding special economic zones and dual licensing. They also explored enhancing cooperation between the Dubai Free Zones Authorities and the Roads and Transport Authority in Dubai to enhance traffic safety within free zones and provide advanced infrastructure facilities and a transportation network for Dubai’s residents.

 

Ease of doing business

Council members commended on the successful migration to the new system for the Human Resources Approval system, that caters to the Free Zones requirements and operations in Dubai, in collaboration with Dubai Digital Authority, which improves the time to complete applications by 60%.

 

The Council was briefed on what has been achieved so far in the new approvals system in Dubai’s free zones, which speeds up operations, increases performance efficiency by 90%, and enhances cooperation between various entities, while benefiting from an environment-friendly infrastructure.

 

The council members reviewed the latest developments in projects, policies, economic accelerators, and technical solutions, including corporate tax, the Dubai Free Zones Model 2030, the Financial Action Task Force compliance programme, as well as plans to attract Emirati talent to Dubai’s free zones and train them.

 

The Council also commended the efforts of the teams that are working in a team spirit on the economic accelerators’ initiatives and programmes and platforms to facilitate doing business in Dubai’s free zones. Council members praised the cooperation of the authorities and working committees in achieving and implementing projects with efficiency and excellence.--TradeArabia News Service