DFZ Council discusses enhancing diversified integrative economics

The Dubai Free Zones Council (DFZ Council) held its 20th meeting, headed by Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the DFZ Council. During the meeting, Sheikh Ahmed noted that Dubai’s free zones, continuing to develop their services throughout the current decade in line with the demands of new economic opportunities, are on track to boost their contribution to Dubai’s GDP to Dhs250 billion by 2030.

Sheikh Ahmed Bin Saeed Al Maktoum underlined the significance of facilitating investor journey and its critical role in strengthening Dubai’s and the wider UAE’s position as a preferred investment destination. He highlighted the pioneering role of Dubai’s free zones, across their various industries and specializations, in enhancing a diversified integrative economics and putting in place the pillars of a flexible economy that achieves sustainability, accelerates growth, and transforms challenges into opportunities.

He commended the valuable options that the Invest in Dubai platform offers, launched in line with the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as an entry point into Dubai’s freezones and a gateway into the local market. It offers a comprehensive suite of services that facilitate business establishment and accelerate founding of promising startups, strengthening Dubai’s status as a capital for valuable economic and investment opportunities.

This follows the UAE Cabinet’s recent approval of the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners, aimed at strengthening the UAE’s position as an ideal destination to live, work, and invest. The new system of entry and residence, including amendments to the Golden Residency Scheme, Green Residency Scheme, tourist visas, and other specialised visas such as job exploration, business, temporary work mission, study and training, aims to attract and retain global talent and skilled workers from all over the world, boosting the competitiveness and flexibility of the job market and fostering a high sense of stability among UAE residents and families.

Sheikh Ahmed Bin Saeed Al Maktoum highlighted that the Dubai freezones model proved its efficiency in growing existing economic industries and building up new specialised and dynamic economic industries such as green economy, circular economy, knowledge-based economy, in areas such as advanced technology, manufacturing, and logistical services.

He noted that the Dubai 2040 Urban Master Plan presents a framework to advance the free zones experience and take it to new heights, which allows it to play a more substantial role in Dubai’s socio-economic development. The comprehensive roadmap also boosts Dubai’s rank in key global indices for competitiveness, innovation, and ease of doing business, enabling a significant jump in the UAE’s next 50 years.

The DFZ Council explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal that is within the reach of startups, investors, and international companies wishing to establish regional headquarters and branches in Dubai, as well as tax registration services, designing business plans, evaluating feasibility, among others.