Dubai Sets Ambitious Goals With Free Zones Model 2030 For Economic Expansion

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council (DFZC), during the 26th meeting of the Council, highlighted the ongoing efforts to develop performance indicators aimed at bolstering the DFZC’s pivotal role in diversifying Dubai's economy and magnetizing international investment. Sheikh Ahmed emphasized the historical contribution of Dubai’s free zones in positioning Dubai as a premier global investment destination. The focus now shifts towards augmenting these accomplishments through the Free Zones Model 2030, designed to allure annual foreign direct investments over the forthcoming decade by boosting competitiveness and supporting the Dubai Economic Agenda D33’s goal to double the emirate's economy size within the next ten years.

The Council members deliberated on the progress of the Free Zones Model 2030, initiated by the DFZC to propel Dubai's competitiveness and economic prosperity. Furthermore, the DFZC ratified a mechanism for providing real-time data to entities within the free zones, aiming to hasten decision-making processes while ensuring data privacy and governance. These indicators are crucial for strategic decision-making, offering immediate and comprehensive insights into economic activities within free zones and enhancing information management effectiveness through data analysis and economic performance monitoring.

Additionally, the Council was apprised of recent advancements in a suite of draft laws intended to streamline administrative procedures and transactions, thereby elevating Dubai's economic allure for talent, entrepreneurs, start-ups, SMEs, and international businesses. The meeting also covered discussions on performance and outcomes related to the Financial Action Task Force (FATF), reinforcing Dubai free zones' commitment to fostering a compliance culture and adhering to best standards.

A summary of projects slated for 2023 was reviewed, encompassing initiatives like the unified Dubai licence, an economic impact study of free zones, an energy demand study, anti-money laundering measures, and standardization of service nomenclature in free zones. These projects are under the auspices of the Council Secretariat in collaboration with specialized committees and representatives from free zone authorities. The Council also examined ongoing projects including corporate tax awareness sessions for free zone authorities and companies within each zone.

The meeting concluded with an evaluation of the budget allocated for projects benefiting free zone authorities, which is expected to significantly contribute to enhancing Dubai’s free zones' role in bolstering the emirate's economy.

With inputs from WAM