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The 10th meeting of the Dubai Free Zones (DFZ) Council, led by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DFZ Council, discussed the latest digitalization initiatives that support businesses and attract foreign direct investment (FDI), in addition to playing a vital role in transforming Dubai into the world’s smartest city.
Key items on the agenda included electronic connectivity, new e-commerce regulations, evaluation of the effectiveness of measures to combat money-laundering and terrorism financing, as well as FDI laws.
His Highness Sheikh Ahmed bin Saeed Al Maktoum said: “Free zones in Dubai are exceptional models for the region, whether in terms of attracting FDI inflows or offering unique economic incentives. They have boosted Dubai’s ranking in international competitiveness indices, and positioned it as a preferred destination for investors and major international companies. The Dubai Free Zones Council is at the forefront of implementing digitalization initiatives, launching business accelerators and innovation labs, and providing smart business services across the emirate and the wider UAE.”
The DFZ Council reviewed the advantages of the connectivity features of the centralized electronic system that was conceptualized to meet the increased demand for free zone licenses. Aimed at streamlining registration and licensing procedures, as well as boosting Dubai’s status as a preferred investment hub through stepping up the ease of doing business, the online system once implemented will link all the free zones in Dubai.
The Council also reviewed the latest developments in the free zone e-commerce initiative, presented earlier this year to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The effort seeks to stimulate the national economy through developing an ecosystem that boosts the quality of e-commerce services, thereby attracting greater foreign direct investments into the sector. Dubai’s free zones have the potential to become global e-commerce hubs as they are perfectly positioned to fulfil orders locally and internationally.
Furthermore, the Council examined measures to combat money laundering and the financing of terrorism, as per international standards, which ensures the emirate’s and the nation’s continuous top ranks in this area. One suggestion was to establish an integrated and autonomous department within each free zone focused on regulation and finance that would oversee the preparedness and compliance of the respective free zone in this aspect.
The Council also discussed the recent developments in the UAE’s foreign investment laws and freehold ownership across sectors that align with its economic diversification drive, thereby contributing to the UAE’s attractiveness as a leading investment destination.
Shaping the future has become integral to the culture of the representative entities of the DFZ Council and has spearheaded innovative initiatives that attract significant FDI inflows, in addition to encouraging entrepreneurs across dynamic sectors to choose Dubai as their preferred launch base and ideal entry point into the region.
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