Dubai continues to establish a sustainable economic model

The Dubai Free Zones (DFZ) Council, in its 27th meeting headed by Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, highlighted that, under the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai continues to establish a vibrant, flexible, and sustainable economic model.

The Dubai Free Zones Council noted that this model enhances the role of Dubai’s free zones in economic diversification, development of opportunities, and attraction of foreign direct investment. The Council pointed out that it adopts the latest technological advancements to multiply Dubai’s economy size over the next decade, aiming to place it among the world’s top three economic cities.

The Dubai Free Zones Council explained that doubling foreign direct investment to Dhs650 billion by 2033 is a strategic goal of the Dubai Economic Agenda D33.

The council members discussed the Free Zones 2030 model that is being developed by the Dubai Free Zones Council to enhance the free zones’ contribution to achieving Dubai’s ambitious objectives through adding value to the socio-economic aspect of Dubai, and by incentivizing international companies and investors to establish and expand their operations from Dubai’s free zones.

The Council was briefed on the new system for approvals in Dubai’s free zones, and its role in accelerating the issuance of approvals in an immediate and timely manner that keeps pace with future work requirements.

Moreover, the Free Zone enhanced Business Gateway Portal was presented, facilitating the investor’s journey in obtaining opportunities available to conduct business in free zones’ sectors. In addition, the Council’s official website was discussed, to highlight its role and the strategic initiatives and events.

The council members discussed the new version of the Unified Free Zone Passport, to provide options for investors to expand their businesses and benefit from other free zone facilities in Dubai with simple and flexible procedures, thus achieving ease of doing business among free zone authorities, and fulfilling the requirements of economic accelerators.

The Council underlined the social aspect of empowering UAE nationals and enhancing their presence in the private sector and free zones authorities, noting that Dubai’s free zone-based companies are encouraged to attract qualified Emirati human capital and provide further opportunities to train young Emirati talents across various disciplines and career paths, facilitated by the flexible regulatory frameworks and facilities offered by Dubai’s free zone authorities in order to take advantage of the potentials and competencies of this category. This initiative supports Emiratization targets and achieves comprehensive economic and social development.

The Council discussed the report from Dubai Data and Statistics Establishment, which shows a significant increase in foreign direct investment in Dubai’s free zones, underlining the importance of smooth economic data flow through an accessible and user-friendly dashboard for stakeholders.

The Operations centre of Economic Crimes presented to the Council members the development of working and collaboration mechanisms to exchange and implement best practices to ensure the protection of clients’ funds at free zone-based companies, and enhance the reputation of economic, trade, and banking sectors.

Meanwhile the Executive Council of Dubai has approved a series of new initiatives and programmes designed to support its ambitious economic agenda and make it one of the world’s top three urban economies by 2033.

Chairing the Council’s meeting, Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Deputy Chairman of The Executive Council of Dubai, said, “Dubai, under the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Ruler of Dubai, has designed a well-planned and agile economic model, positioning it as a top global destination for investment.”

Sheikh Maktoum announced the Foreign Direct Investment Development Programme, which earmarks Dhs25 billion over 10 years to help attract Dhs650 billion of investments to Dubai in direct support of the objectives of the D33 economic agenda.

He said, “Dubai has built an integrated, unique, and inspiring economic model, featuring advanced enablers and tools to enhance decision-making, create a broad array of promising opportunities, and attract top talents and global investment.” He also announced the Dubai Economic Model, which will use 3,000 performance indicators to closely measure Dubai’s development against its economic targets.