Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, enacted Law No. (16) of 2021 to establish the Dubai Integrated Economic Zones Authority (DIEZ), a independent legal entity with financial and administrative autonomy. .

Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City will now operate under the supervision of the new DIEZ.

Sheikh Ahmed bin Saeed Al Maktoum has been appointed President of DIEZ and Dr Mohammed Ahmed Al Zarouni has been appointed Executive President, effective January 1, 2022.

More than 5,000 international companies, covering 20 key economic sectors and employing 30,000 people, will now operate under DIEZ. The economic activity regulated by this authority therefore generates 5 percent of Dubai’s GDP.

Companies and natural persons authorized in the areas under its jurisdiction are exempt from all taxes, including income tax, for 50 years, from the date of the new law. This exemption period can be renewed for a similar period by a decision issued by the Dubai Ruler.

All DIEZ subsidiaries and companies or individuals approved by the authority are exempt from restrictions on the repatriation of capital, profits and salaries in any currency and to any destination outside its zones. This exemption is valid for 50 years, renewable for a similar period by a decision issued by the Dubai Ruler. In addition, the funds of licensed enterprises and their employees will not be subject to nationalization or restricted ownership.

In addition, the operations of DIEZ and companies licensed by it are not subject to the regulations of the Municipality of Dubai or the Dubai Economy, except in the case of regulations relating to safety, security and control. food, or any other regulation clearly designated as applicable in free zones.

One of DIEZ’s main objectives is to attract local and international companies to set up their headquarters in the integrated economic zones of the emirate. In addition, it seeks to promote the economic competitiveness of Dubai, especially in the sectors of retail, technology, Islamic economy, e-commerce, industry, logistics and shipping. . It also aims to support SMEs and stimulate entrepreneurship and innovation in all sectors.

DIEZ’s mission is to create, develop and manage the infrastructure and administrative services of the Integrated Economic Zones. It will also regulate business activities and services in these areas, including the importation and storage of goods.

Collectively, all of Dubai’s free zones recorded Dh135 billion in foreign trade in the first quarter of 2021, representing around 38% of Dubai’s total foreign trade.

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