Dubai’s free zones are on track to boost their contribution to the emirate’s GDP to $68 billion (AED 250 billion) by 2030 by continuing to develop their services in line with new economic opportunities, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Free Zones Council (DFZ).
In the council’s latest meeting, Al Maktoum underlined the significance of facilitating investor journey and its critical role in strengthening Dubai’s and the wider UAE’s position as a preferred investment destination.
He also highlighted the role of Dubai’s free zones, across their various industries and specialisations, in putting in place the pillars of a flexible economy that achieves sustainability, accelerates growth, and transforms challenges into opportunities.
Al Maktoum commended the options that the Invest in Dubai platform provides, launched in line with the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as an entry point into Dubai’s free zones and a gateway into the local market.
This follows the UAE Cabinet’s recent approval of the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners, including the Golden and Green Visa schemes.
The Dubai 2040 Urban Master Plan, which presents a framework to advance the free zones experience allowing it to play a more substantial role in the emirate’s socio-economic development, was also discussed during the meeting.
The DFZ Council explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal that is within the reach of startups, investors, and international companies wishing to establish regional headquarters and branches in Dubai, as well as tax registration services, designing business plans, evaluating feasibility, among others.
During the meeting, DFZ Council members called for a comprehensive study to be conducted in collaboration with Digital Dubai, to assess the economic impact of their contribution. The study will provide accurate data and information that empower existing and new investors to make well-informed decisions that maintain the contribution of Dubai’s free zones to the emirate’s and wider UAE’s economies.
The DFZ Council was briefed on the work of the Energy Committee, whose training programmes, awareness workshops, and field visits to various free zones are in line with international standards and global practices to achieve the goals of managing energy demand, achieving sustainability, smart and efficient use of water and electricity, rehabilitating green buildings, adopting energy-saving lighting solutions.
Council members discussed the possibility of achieving the Dubai Demand Side Management Strategy 2030, launched by the Dubai Supreme Council of Energy with the aim of reducing demand for electricity and water by 30 percent by 2030. This will enhance Dubai’s position as a global model for efficient energy and water demand management and achieving the strategy of smart sustainable cities and communities for the future.
During the meeting, the DFZ Council explored opportunities for companies to move between free zones as well as the requirements. Councilmembers recommended facilitating procedures and called for a framework that unifies the fee structure.
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