Apr 28 2024
Dubai Free Zones Council discusses Free Zones Model 2030
Tue 12 Mar 2024
Dubai: During the 26th meeting of the Dubai Free Zones Council (DFZC), H.H. Sheikh Ahmed bin Saeed Al Maktoum, the Council’s Chairman, affirmed the council’s commitment to developing performance indicators aimed at strengthening Dubai’s economy diversification and attracting global investment.
Highlighting the significant contribution of Dubai’s free zones to the city’s global investment appeal, Sheikh Ahmed bin Saeed emphasized the ongoing efforts to bolster these achievements. He discussed the Free Zones Model 2030, designed to attract substantial foreign direct investments over the next decade. This initiative aligns with the objectives of the Dubai Economic Agenda D33, aiming to double Dubai’s economy size in the next ten years.
Sheikh Ahmed emphasized the continuous evolution of Dubai’s free zones to maintain their global leadership in investment attraction and support sectors vital for the future economy’s growth.
The council members discussed the progress of the Free Zones Model 2030, which aims to enhance Dubai’s competitiveness and economic prosperity. Additionally, they approved a mechanism for providing real-time data to entities in free zones, facilitating swift decision-making while ensuring data privacy and governance.
These performance indicators are vital for strategic decision-making, offering immediate insights into economic activities in free zones and enhancing information management through data analysis.
Moreover, the council reviewed draft laws aimed at streamlining administrative procedures and transactions, making Dubai more attractive to talent, entrepreneurs, start-ups, SMEs, and international businesses. They also discussed Dubai’s adherence to Financial Action Task Force (FATF) standards, reinforcing compliance culture in free zones.
The meeting also covered projects supervised by the Council Secretariat, including the unified Dubai license, economic impact studies of free zones, energy demand studies, anti-money laundering efforts, and service standardization in free zones. Additionally, ongoing projects like organizing awareness sessions on corporate tax for free zone authorities and companies were discussed.
Finally, the council reviewed the budget supporting free zone authorities’ projects, aiming to enhance their role and contributions to Dubai’s economy positively.
