His Highness Sheikh Ahmed Bin Saeed Al Maktoum.
The Dubai Free Zones Council (DFZ Council) held its 19th meeting, chaired by Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, to discuss the Council’s action plan to support the Dubai’s dynamic economy while it is promising topped the various economic sectors and investment indices. During the meeting, board members also explored how to facilitate the opening of commercial bank accounts for small and medium enterprises (SMEs), opportunities to attract Emirati talent to free zones and other related topics. to business sectors that operate in Dubai’s free zones.
Commenting on the DFZ Council meeting, His Highness Sheikh Ahmed bin Saeed Al Maktoum said:, Vice President and Prime Minister of United Arab Emirates and Ruler of Dubai. The vision directly reflects the enhancement of Dubai’s status as a global investment destination and a model of complementary specialized economic free zones serving different sectors, thereby enhancing the trade of enterprises in free zones across the emirate.
During the meeting, board members also explored how to facilitate the opening of commercial bank accounts for SMEs based in Dubai Free Zones, especially those experiencing difficulties, in collaboration with the Federation of UAE Banks. United Arabs. These facilities align with Dubai’s strategy to make it easier to do business and strengthen its status as a global destination for investors and entrepreneurs.
A team from the Dubai International Financial Center (DIFC) briefed DFZ Board members on the DIFC Employee Workplace Savings Program for Expats. The DIFC team detailed the expected revenues from the implementation of such a program in free zones and called on board members to benefit from its benefits, noting that such programs play an active role in supporting the economy.
In line with Dubai’s status as one of the world’s most active economic and investment hubs, board members discussed the release of Revision 4 of the International Standard Industrial Classification of All Economic Activities (ISIC ), an international benchmark classification system for economic activities. Its main objective is to provide a set of activity categories for the collection and reporting of statistics in an accurate and transparent manner across Dubai. The implementation of ISIC Rev. 4 will increase the UAE’s rank in the Ease of Doing Business Index, as well as unify the data of all relevant authorities, which will ensure compliance with local classification and the requirements of international bodies such as the Financial Action Task Force (FATF). Representatives from DP World and Jebel Ali Free Zone presented the TUMOOHI (My Ambition) program, which encourages and enables Emirati talent to gain real experience in all sectors and industries.
During the meeting, members of the DFZ Council agreed to support the program, improve the contribution of Emiratis to the private sector and train them in large companies based in free zones.
Council members also stressed their readiness to support the UAE Human Resources Development Council in Dubai, which the DFZ Council is joining as a member. The members of the DFZ Council approved their support for all initiatives aimed at building the capacity of Emiratis and providing them with employment opportunities.
The Dubai Free Zones Council (DFZ Council) held its 18th meeting in July 2021, chaired by Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, to discuss strategic initiatives that support startups and businesses. 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 135 billion Dhs recorded in foreign trade in the first quarter of 2021, or around 38 percent 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 while struggling with 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, “The 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 sets a true example for boosting the confidence of the global business community to invest due to its flexible and secure business environment, advanced and world-class infrastructure, and high quality of life that enables talents and global investors to consider it at home. “
He added: “Our 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 wise leaders’ goal of improving economic, political and social security in the UAE as well as the nation’s rapid response to crises are expected to yield 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.