Dubai freezones contribution to emirate’s GDP to reach Dhs250bn by 2030
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Contribution of Dubai freezones to emirate’s GDP to reach Dhs250bn by 2030

Contribution of Dubai freezones to emirate’s GDP to reach Dhs250bn by 2030

The projections were made during a meeting of the Dubai Free Zones Council chaired by Sheikh Ahmed bin Saeed Al Maktoum

freezones

The Dubai Free Zones Council (DFZ Council) has forecasted that the contribution of freezones to the emirate’s GDP is on track to reach Dhs250bn by 2030.

The figures were revealed at the 20th meeting of the council, chaired by Sheikh Ahmed bin Saeed Al Maktoum, according to news agency WAM.

Sheikh Ahmed noted that the Invest in Dubai platform served as as an entry point into Dubai’s freezones and a gateway into the local market. It offers a suite of services that facilitate business establishment and accelerate founding of startups.

Read: Understanding mainland vs freezone company setup options in the UAE

The Invest in Dubai platform was launched in February last year to enable investors to obtain trade licences and launch their business in only a few minutes. The centralised portal offers users services such as commercial licensing in which government permits and approvals can be obtained without the need to physically visit any service centre.

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 who intend to establish regional headquarters and branches in Dubai, as well as tax registration services, designing business plans, evaluating feasibility, among others.

Read also: Sheikh Mohammed launches ‘Invest in Dubai’ platform to ease process of establishing businesses

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 DFZ Council was briefed on the work of the Energy Committee, whose training programmes, awareness workshops, and field visits to various freezones help them achieve global best practices in managing energy demand, achieving sustainability, smart and efficient use of water and electricity, rehabilitating green buildings and adopting energy-saving lighting solutions.

The council is considering achieving the Dubai Demand Side Management Strategy 2030 which was launched by the Dubai Supreme Council of Energy that aims to reduce demand for electricity and water by 30 per cent by 2030.

The DFZ Council also explored opportunities for companies to move between freezones as well as the requirements. The council members also recommended facilitating procedures and called for a framework that unifies the fee structure.

Last year, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a Law No. (16) of 2021 to create Dubai Integrated Economic Zones (DIEZ) Authority, an independent legal entity with financial and administrative autonomy. Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City now operate under the supervision of the newly created DIEZ. Sheikh Ahmed bin Saeed Al Maktoum was appointed as chairman of the DIEZ and Dr. Mohammed Ahmed Al Zarouni was appointed as its executive chairman, effective January 1, 2022.

Read more: Sheikh Mohammed creates new authority to oversee three Dubai freezones

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