In an effort to enhance and achieve Dubai’s goals of economic growth, in a recent extraordinary meeting of the v, headed by none other than the monarch and Prime Minister himself, Sheikh Mohammed bin Rashid, it was decided that the local government is ready to facilitate the entry of companies in their preferred Free Zones.
This means an unprecedented occasion, not only for foreign enterprises to venture into the bustling economy of Dubai, but also for the betterment of Dubai's own economic agenda.
Below, will discuss the expected impacts of the council’s decision and what are some of the main opportunities that companies may find in this new scenario in the UAE.
Summary
Dubai Free Zones on the rise
What is being done now?
What does the future hold?
Boa leitura!
During the last meeting of the The Dubai Free Zones Council, and motivated by the vision of the Chairman, Vice-President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid to accelerate key points of the Dubai Economic Agenda, decisions were taken to motivate the flexibility of Dubai’s Free Zones from now on.
In accordance with Dubai Economic Agenda D33 – this decision aims at doubling the size of Dubai’s economy in the coming decade and solidifying its position among the top three global cities.
According to the Prime Minister himself: “Dubai is continually improving its economic adaptability by focusing on knowledge, innovation, and digital transformation. The city is actively enhancing its advanced infrastructure, refining regulations, and elevating the integrated, cutting-edge business environments it offers to both local and international companies.”
It was also pointed out that the many free zones spread throughout Dubai’s landscape are the living proof of the city's success on a local and global scale. Especially due to its role in enabling foreign and international companies to settle in the UAE, build their headquarters, establish their presence and conduct their businesses with ease.
Moreover, in the path to consolidate Dubai as one of the most, if not the most, optimal and preferred destinations for growing companies, the role of the free zones continues to prove invaluable.
Also being worth mentioning that there’s also room and incentive for the active participation of the Emirati youth in the development of Dubai’s economy.
Highlighting the opportunities intrinsic to the free zones in terms of the indispensable need of specialized professionals to spearhead the economic development and future of Dubai.
In a conjoined effort between the Free Zone Council and the Department of Economy and Tourism, free zone authorities promoted a thorough evaluation of the main results achieved by the current effort of specialized committees.
Going from licensing, to IT and finally to legal teams, over 30 workshops were properly organized to comply with the Dubai Economic Agenda and are now able to more effectively and easily do their business.
As such, the Council is putting an effort to facilitate free zone-licensed establishments and activities in the mainland to operate, as long as all legal procedures are followed properly.
Overall, these range from the acquisition of permits from the licensing authorities related to the specific kind of business and the opening of branches to operate within the emirates to do business in the same free zone location, as long as these procedures are in accordance with their respective licensing requirements and authorities.
Also worth mentioning, Council members stated that the free zones are fully committed to promoting and achieving the Dubai Economic Agenda D33.
Now, investors and entrepreneurs may enjoy a smooth sailing in this venture, since now they can count on having much more flexibility and support to set up shop in this whole new business ecosystem.
All this is being endorsed so that Dubai may strengthen its ranking in terms of ease of doing business with, but also it’s a golden opportunity for companies who may be on the lookout for a chance to expand their range, influence and revenue.
There may also be an emphasis on a series of measures concerning this, that might allow companies to actively choose their preferred free zones around the emirates to set up and kickstart their operations and expand on a global scale.
And since the presence and relevance of startups in Dubai’s economic future can’t be understated, these measures may also be a much needed encouragement for startups by enabling their entrepreneurial leadership to establish themselves in the free zones.
Also, Council members have expressed their interest to further nurture the local Emirati talent.
Giving them the chance to take part in this new exciting moment, by assuming positions in the coming companies, which will be in need of new talent to operate in the free zones.
Lastly, the Council has also been briefed on the demand for the digitalization and data management projects. Especially the ones concerning the outcome of the Dubai Demand Side Management Strategy 2030.
Which is aimed at the implementation of strategies for electricity saving and water consumption, with the final goal of achieving a fully sustainable city by 2030.
Overall, Dubai is welcoming and embracing its future by also providing a great opportunity for companies and investors who are willing to take part in this new endeavor.
Summary: The Dubai Free Zone Council has agreed on facilitating the access of companies to Dubai’s free zones, which translates to a great opportunity for businesses and investors who are looking to expand their operations in the UAE.