Dubai Free Zones Council Unveils Ambitious 2030 Model Strategy
H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council (DFZC), disclosed during the council’s 26th meeting that efforts are underway to establish performance indicators aimed at reinforcing the DFZC's pivotal role in diversifying Dubai's economy and enticing international investments. These initiatives are part of a broader strategy to bolster Dubai’s position as a leading global investment destination.
“Over the past decades, Dubai's free zones have been instrumental in positioning Dubai as a premier global investment hub. We are now focusing on building upon these successes through the Free Zones Model 2030. This model targets attracting annual foreign direct investments over the next decade, by boosting competitiveness, easing the processes for companies to establish, expand, and grow, and aligning with the Dubai Economic Agenda D33 objectives to double Dubai's economy in the next ten years,” Sheikh Ahmed explained.
The enhancement of Dubai's free zones model is envisaged to solidify its global investment appeal and foster sectors pivotal for the future economy. This is in line with Dubai’s vision to be a cradle of opportunity and a hub for innovative ideas and success stories.
The council deliberated on the development of the Free Zones Model 2030, initiated by the DFZC to spearhead Dubai's competitiveness and economic prosperity. Additionally, the council endorsed the creation of a mechanism for real-time data provision to free zone entities, aiming to streamline decision-making while ensuring data privacy and governance.
These performance indicators are critical for strategic decision-making, offering immediate and comprehensive insights into the economic activities within free zones, thereby improving information management, data analysis, and economic performance monitoring.
Furthermore, the council examined a suite of draft laws designed to simplify administrative processes and transactions, thereby augmenting Dubai’s economic appeal to talent, entrepreneurs, startups, SMEs, and international corporations. The discussion also covered the Financial Action Task Force (FATF) performance and results, reinforcing Dubai free zones’ commitment to compliance and adherence to best standards.
Projects under the council's supervision for 2023 were reviewed, including the unified Dubai licence, the free zones' economic impact study, energy demand analysis, anti-money laundering measures, and standardization of service naming in free zones. Ongoing projects such as corporate tax awareness sessions for free zones authorities and companies were also discussed.
The meeting concluded with an evaluation of the budget allocated to support and finance projects of the free zones authorities, highlighting their significant contribution to Dubai's economy.
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