DFZ Council to facilitate opening business bank accounts

The Dubai Free Zones Council (DFZ Council) held its 19th meeting, headed by Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, to discuss the Council’s action plan to support Dubai’s dynamic economy as it promisingly tops ranks of various economic and investment indices. During the meeting, council members also explored how to facilitate opening business bank accounts for small and medium-sized enterprises (SMEs), opportunities to attract Emirati talent to free zones, and other topics related to business sectors that operate within Dubai’s free zones.

Commenting on DFZ Council’s meeting, His Highness Sheikh Ahmed bin Saeed Al Maktoum said: “The Council’s initiatives is commitment to its role to drive Dubai’s economic development towards a comprehensive economic ecosystem, 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. The vision reflects directly on enhancing Dubai’s status as a global investment destination and a model for complementary specialized economic free zones serving different sectors, hence enhancing trade of companies in free zones across the emirate.”

During the meeting, council members also explored how to facilitate opening business bank accounts for SMEs based in Dubai’s free zones, especially those that are facing difficulties, in collaboration with the UAE Banks Federation. These facilities align with Dubai’s strategy to boost ease of doing business and strengthen its status as a global destination for investors and entrepreneurs.

A team from the Dubai International Financial Centre (DIFC) briefed DFZ Council members about DIFC’s Employee Workplace Savings programme for Expats. The DIFC team detailed the expected revenue from implementing such a programme in free zones and called on council members to benefit from its advantages, noting that such programs play an active role in supporting the economy.

In line with Dubai’s status as one of the most active economic and investment hubs globally, council members discussed circulating the International Standard Industrial Classification of All Economic Activities (ISIC) revision 4, an international reference classification system of economic activities. Its main purpose is to provide a set of activity categories for collecting and reporting statistics accurately and transparently across Dubai. The implementation of ISIC Rev. 4 will raise the UAE’s rank in the Ease of Doing Business Index, as well as unify data for all relevant authorities, which ensures compliance with local classification and requirements of international bodies such as the Financial Action Task Force (FATF). Representatives from DP World and Jebel Ali Free Zone presented the TUMOOHI (My Ambition) programme, which encourages and empowers Emirati talent to gain real experience across sectors and industries.

During the meeting, DFZ Council members agreed to support the programme, enhance Emiratis’ contribution to the private sector, and train them in large companies based in free zones.

Council members also highlighted their readiness to support the Emirati Human Resources Development Council in Dubai, which DFZ Council joins as a member. DFZ Council members endorsed their support for all initiatives that aim to boost the capabilities of Emiratis and offer them job opportunities.

The Dubai Free Zones Council (DFZ Council) held its 18th meeting in July 2021, headed by Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, to discuss strategic initiatives that support Dubai-based startups and SMEs, in coordination with business accelerators, to boost Dubai’s status as a preferred destination for foreign direct investment and innovation.

Referencing their registered Dhs135 billion in foreign trade in Q1 2021, approximately 38 per cent of Dubai’s total foreign trade, Sheikh Ahmed lauded the role of Dubai’s free zones in creating a refreshing trade corridor with global markets and attracting foreign direct investments to Dubai in battling with the COVID-19 implications.

Sheikh Ahmed Bin Saeed Al Maktoum emphasized that the highly flexible environment that Dubai’s free zones created through its value-added and incentivized initiatives has proven its exceptional economic model. He noted that Dubai’s free zones’ competitiveness had gained the confidence of the global business community.

DFZ Council members highlighted that the recent decisions are taken by the UAE Cabinet, namely resolution no. 16 of 2020 concerning the determination of the positive list of economic sectors and activities eligible for foreign direct investment and percentage of their ownership, boost the ease of setting up and doing business in the UAE and the national economy’s competitiveness. The decisions also create a surge of attractive opportunities for talent, expertise, and innovative ideas from around the globe.

Sheikh Ahmed said: “The decision coincides with Dubai’s preparations to host Expo 2020 Dubai, the largest global event of its kind, as it will have a strong positive impact on attracting foreign direct investment. Our economy presents a real example in boosting the global business community’s confidence to invest due to its flexible and secure business environment, the advanced and world-class infrastructure, and high quality of life that allows global talents and investors to consider it home.”

He added: “Our unique initiatives are the result of the future-proof vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to build a stable economy that adds value to investors. The wise leadership’s goal to enhance the economic, political, and social security in the UAE as well as the nation’s swift response to crises is expected to yield a significant return on investment.”

DFZ Council members also reviewed the Business Accelerator Unit initiative, which coordinates meetings with relevant entities, companies, and investors, to evaluate challenges and propose innovative solutions that support a diversified, sustainable economy. In contribution to achieving the fastest economic recovery globally, they refer to local and international success stories across business sectors and innovate action plans to accelerate business establishment and development across different stages of the value chain, positioning Dubai as a preferred destination for business and innovation.