|
In his capacity as Chairman of Dubai Free Zone (DFZ) Council, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of the Emirates Group, presided over the fifth council meeting.
Held at the Executive Council Office in Emirates Office Tower, the council reviewed during the meeting the accomplishments of 2016 and assessed the progress of current projects.
The members approved the council’s balance sheet and profit and loss statement for the 2016 financial year, as well as the strategic plan. In addition, they discussed the federal law regarding value-added tax and evaluated potential collaboration with the Dubai-headquartered World Free Zones Organization.
The meeting commenced with a review of the council’s 2016 achievements as well as running projects. Achievements included the approved decision to facilitate the transfer of companies between free zones in the emirate of Dubai, the approved strategic plan that was finalised last December, and the successful compilation of a unified database for all free zones.
In addition, the meeting highlighted various opportunities to represent the DFZ Council at meetings of global organizations, such as the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD) as well as establishing the council’s website.
As part of the agenda, the strategic committee of the council presented its new strategic plan, which the members unanimously approved. Prepared in collaboration with a global consulting firm, the plan includes a wide range of initiatives aligned with the goals of the Dubai Plan 2021.
Under the strategy, the DFZ Council will continue supporting free zones in achieving their individual strategies. The council will be responsible for representing the interests of free zones in the emirate of Dubai on a local, federal and international scale, as well as for reviewing policies that affect them. It will also resolve issues and market free zone projects and investment opportunities. In addition, the council will conduct research and compile reports that aid the government in developing its economic and investment strategy.
The next step included outlining the vision and mission of the council that support the transformation of the free zones into international investment destinations and key contributors to the Dubai Plan 2021. Furthermore, the council will provide a platform for cooperation among local, regional and international free zones, devise operational frameworks and implement best practices to boost their global competitiveness.
The approved strategy builds on three main pillars: strategic support, creative leadership and marketing instrument. Under the first pillar, the DFZ Council will work towards implementing an enabling, transparent legal and regulatory environment that attracts international investments, and upgrades government services to boost global competitiveness. Under the second pillar, the council will assist the free zones in improving operational efficiencies and facilitate decision making. Finally, under the third pillar, it will promote the benefits and facilities of Dubai’s free zones to international investors through diverse methods including participation in global exhibitions and conferences.
The meeting concluded after approving a proposition to sign a Memorandum of Understanding with the World Free Zones Organization. The organization convenes free zones from around the world to exchange expertise, organize seminars for their officials, and enhance their work environment.
Dubai Free Zone Council was established in April 2015 through law No. 13 of 2015 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The core objectives of the council include developing and qualifying Dubai’s free zones to attract investments, establishing an environment that contributes to boosting industry, commerce, tourism and the service sector.
|
New
