DUBAI – The Dubai Free Zones Council (DFZ Council) held its 18th meeting, chaired by His Royal Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, to discuss strategic initiatives that support startups and Dubai-based SMEs, in coordination with business accelerators, to strengthen Dubai’s status as a preferred destination for foreign direct investment and innovation.
Referring to their registered foreign trade of AED 135 billion in the first quarter of 2021, or around 38% of Dubai’s total foreign trade, Sheikh Ahmed praised the role of Dubai’s free zones in creating a refreshing trade corridor. with global markets and the attraction of foreign direct investment to Dubai by combating the Implications of COVID-19.
Sheikh Ahmed bin Saeed Al Maktoum pointed out that the highly flexible environment that Dubai‘s free zones have created through its value-added and incentive initiatives has proven its exceptional business model. He noted that the competitiveness of Dubai’s free zones had won the trust of the global business community.
DFZ Council members pointed out that recent decisions are taken by the UAE Cabinet, namely resolution no. 16 of 2020 regarding the determination of the positive list of sectors and economic activities eligible for foreign direct investment and the percentage of their ownership, enhance the ease of settling and doing business in the UAE and the competitiveness of the economy national. The decisions also create a wave of attractive opportunities for talent, expertise and innovative ideas from around the world.
Sheikh Ahmed said, âThe decision coincides with Dubai’s preparations to host Expo 2020 Dubai, the largest global event of its kind, as it will have a strong positive impact on attracting foreign direct investment. Our economy is a real example for boosting global trade. the community’s confidence to invest due to its flexible and secure business environment, advanced and world-class infrastructure and high quality of life that allows global talent and investors to consider it at home. “
He added: âOur unique initiatives are the result of the vision and future direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to build an economy stable which adds value to investors. The objective of the wise leaders to improve economic, political and social security in the UAE as well as the rapid response of the country to crises are expected to generate a significant return on investment. “
DFZ Board members also reviewed the Business Accelerator Unit initiative, which coordinates meetings with relevant entities, companies and investors, to assess challenges and come up with innovative solutions that support a diverse and sustainable economy. By contributing to the achievement of the fastest economic recovery in the world, they refer to local and international successes in all sectors of activity and to innovative action plans to accelerate the creation and development of businesses in different stages of the value chain, positioning Dubai as a preferred destination for business and innovation.
Dubai SME representatives also presented in detail the Promising Startups Platform initiative, aimed at attracting startups to Dubai, especially those developing unique and sustainable business concepts, working with an integrated network of 15 countries.
During the meeting, DFZ board members also discussed the developments of the unified dossier which aims to integrate open data using the latest artificial intelligence systems in the offer of government services, in accordance with the statute of Dubai as the smartest city in the world. They also reviewed the list of participating government entities.
DFZ Board members also discussed an initiative to link FTZ employees to the Dubai Unified Government Employee Register, which was recently established to be the only official source of information on government employee data. of Dubai and a classification system to ensure the accuracy and reliability of the data. The unified database will be a certified source detailing the unique abilities and skills available in different specialties in the participating entities
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