Dafza, Bank of China discuss business, future collaboration

Business Bureau, Gulf Today

Dubai Freezone Authority (Dafza), represented by Director General, Dr Mohammed Al Zarooni, and a number of officials welcomed a delegation from the Bank of China (BoC), led by Executive Director of the Board Lin Jingzhen and senior delegates. The meeting took place at Dafza Square Business Center to discuss future collaboration and business prospects.

During the visit, the Chinese delegation learned about Dafza’s experience over the last two decades in attracting and increasing foreign direct investment. This has played a vital role in developing sustainable economic growth in Dubai, driving business across more than 20 key sectors. The delegation also heard about Dafza’s latest services that are offered to international companies, particularly Chinese companies that are based in Dafza.

The Chinese delegation was briefed on key strategic projects and initiatives led by Dafza. These projects include Dubai CommerCity, the region’s first, dedicated e-commerce free zone, and Dubai Blink, which aims to explore the future of global supply chains and trade by establishing world’s first and largest trading platform for companies.

The Dafza team also learned about the services and incentives provided by the Bank of China and discussed how the free zone can cooperate with the Bank through these services. They aim to enhance the benefits offered by Dafza to clients and companies operating in the free zone. They learned about how the Bank can support business in the UAE in general and Dubai in particular, as well as its regional expansion plans.

Dr Al Zarooni commented: “China is Dafza’s third largest trading partner, representing 15.7 per cent of trade at a value of Dhs12.3 billion in the first half of 2019. Dafza has played an influential role in Dubai’s economy and non-oil foreign trade, which supports the vision of the Dubai government in driving economic and commercial growth. Dafza is committed to providing support and investment incentives to Chinese companies looking to set up their businesses and manage operations from Dubai.”

“Some of the key drivers for success over the past two decades include the development of partnerships and international cooperation. We look forward to further consolidating our relationships in the interest of both parties and in supporting Chinese companies to expand their businesses in the Mena region through Dafza,” added Al Zarooni.

Dafza continued to further strengthen the ties with China through a series of initiatives focused on expanding bilateral trade and investments. The free zone signed a Memorandum of Understanding (MoU) with Liaoning Chamber of Commerce UAE to increase the collaboration between the two organizations and help create new business and investment opportunities with Liaoning province.

Dafza also previously signed a MoU with China (Guangdong) Pilot Free Trade Zone (GDFTZ) - Nansha Area of Guangzhou (Nansha FTZ) and hosted roadshows in the Shenzhen province and Guangzhou. The roadshows have led to a significant amount of new company appointments with several high potential leads for new companies looking to invest in Dafza and join a number of several prominent Chinese companies including Huiteng (Middle East) FZE, Hytera Communications FZE, Junhou International FZCO, Northwell, China Southern Airlines Branch and Oriental Sky Aviation FZE.

Meanwhile the Dubai Airport Freezone Authority (Dafza) collaborated with industry leaders for the Future Aviation Lounge (FAL) during Dubai Airshow 2019, an initiative which showcased high impact innovations within the sector. FAL, a collective business network, is based on artificial intelligence (AI) technology, which is used to analyse and predict the future of the global aviation industry. The thought leadership forum assessed current trends for the industry and highlighted cutting-edge services as well as new and sustainable solutions.

FAL falls in line with Dafza’s vision to enhance and reinforce direct communication between stakeholders including both public and government sector entities. Areas of focus for FAL included policies, current and future innovative projects and collaborations that support the development of the aviation sector, which has been a key driver of the UAE’s economic growth.

Commenting on the initiative, Amna Lootah, Assistant Director General at Dafza said: “The aviation sector represents one of the major industries that Dafza provides services to. Through FAL, Dafza reaffirms its commitment to supporting the industry as a leading contributor to both the local and global economy. We have been delighted to work with major aviation companies such as UAS and Panasonic on the sessions this year, which have helped to set the agenda for the future of the sector.