| 24 April 2024, Wednesday |

Dubai issues new law to integrate economic zones into a single body

Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, issued a new law bringing Dubai’s economic zones under one umbrella, a move that will further strengthen the emirate’s status as a global and regional investment hub.

The Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City will be supervised by the newly created Dubai Integrated Economic Zones Authority, starting January 1, 2022, the Dubai Media Office said in a statement on Monday.

The newly formed authority will be chaired by Sheikh Ahmed bin Saeed Al Maktoum and Mohammed Al Zarooni will be the chief executive, it added.

The creation of the integrated body is part of Dubai’s efforts to introduce new frameworks for “further improving services provided to businesses and investors, which in turn will help accelerate economic growth”, Sheikh Mohammed said in the statement.

“The establishment of the Dubai Integrated Economic Zones Authority is a vital move to enhance Dubai’s global competitiveness and raise its investment attractiveness.

“The private sector is a major partner in our development journey over the next 50 years. Our objective is to make Dubai the destination of choice for global investors and a major focal point for global commerce,” he said.

The idea is to facilitate greater access to global markets through an “accelerated transition to a digital environment”, he added.

Dubai, the Middle East’s financial, transportation and trading hub, attracted Dh24.7 billion ($6.7bn) in foreign direct investment in 2020 through 455 projects, according to data from the Dubai FDI Monitor released in April by the Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy.

The pace of Dubai’s recovery has picked up on the back of wide-scale testing and vaccinations. Dubai’s economy is expected to grow by 4 percent this year, according to government data.

More than 5,000 international firms, covering 20 key economic sectors and employing 30,000 people from across the world, will operate under the Dubai Integrated Economic Zones Authority, the media office said. Economic activity regulated by the new authority generates 5 per cent of Dubai’s gross domestic product, it added.

The new authority has been tasked with attracting local and international companies to set up base in Integrated Economic Zones in Dubai.

It will also be responsible for promoting the emirate’s economic competitiveness in retail, technology, Islamic economy, e-commerce, industrial, logistics and shipping sectors, while also supporting small and medium enterprises.

  • The National News