Dubai Implements One Free Zone Passport Initiative Boosting Its Economy

Dubai Implements One Free Zone Passport Initiative Boosting Its Economy

The Dubai Free Zones Council (DFZ Council) headed by its chairman Sheikh Ahmed bin Saeed Al Maktoum discussed and decided upon various issues including the proposed one free zone passport initiative a proposal that allows businesses , investors and business setup in Dubai to operate across its many Free Zones i.e. unifying them under one license. Hence, cementing the council’s vision of making Dubai as the prime destination of business setup and investors.

Apart from these, the council also discussed at length new rent reforms that were proposed; which included laws that suggested the systemising of rental laws in accordance with the Dubai Free Zone and the Dubai Land department authorities, so that large portion of the investors could avail these attractive offers being made on the real estate under the new reforms.

One suggestion that was under consideration and had led to an interesting debate was the extension of rental duration of long – term properties from 25 to 50 years. This move is being hailed as the key factor in boosting of Dubai’s economy.

In its 13th meeting The DFZ Council also reviewed an initiative that encourages international investors to curate a business setup in Dubai. The council is optimistic that as they are offering favourable terms to international investors namely high tech business environment which is ideal for conducting business , Dubai Free Zones now all unified under one licence , the geo-strategic positioning of Dubai – gateway to Asia , Africa and Middle East . Tentative estimate according to this campaign’s first phase is captivating 400 international companies across various Dubai Free Zones. The agenda also included the Free Zone 10X platform and Seamless Middle East 2020.

Speaking on the agenda of the meeting the chairman Al Maktoum said:

“The initiatives of the DFZ Council, such as the geo-economic map, bring added value to the local economy.

Developments on the economic front transcend geographical borders and support the implementation of innovative projects in line with the priorities articulated in the recent Letter of the New Season from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”

He added: “The coordinated efforts among the free zones in Dubai contribute to economic diversification – an essential pillar of the economy of the future.”

He further added: “Dubai’s keenness to innovate has laid the foundation for prosperity.

Our commitment to adopting the latest technologies and building a comprehensive infrastructure puts us in prime position to play a leading role in shaping the economy of the future.”

The council assessed the progress made on developing geo- economic map of Dubai that is following the right track.
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