Dubai Free Zones Council Emphasizes Tech for Secure Transactions, Foreign Investment

Photo : Dubai Government Media Office 

In its 27th meeting chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, the Dubai Free Zones Council underscored Dubai's commitment to establishing a dynamic and sustainable economic model aligned with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, aimed at fostering economic diversification and attracting foreign direct investment (FDI). Emphasizing technological advancements, the Council aims to significantly grow Dubai's economy, aspiring to rank among the world's top three economic cities over the next decade.

Key discussions included the strategic goal of doubling FDI to AED 650 billion by 2033 under the Dubai Economic Agenda D33. The Council highlighted the Free Zones 2030 model designed to bolster free zones' role in achieving Dubai's ambitious objectives, enhancing socio-economic contributions, and incentivizing international companies to expand operations within Dubai's free zones.

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The meeting also focused on improving efficiency through a new approvals system within Dubai's free zones, ensuring swift and responsive service to meet future business needs. The upgraded Business Gateway Portal was introduced to streamline investor journeys and facilitate business setup in free zone sectors. Additionally, enhancements to the Council's official website were discussed to promote strategic initiatives and upcoming events.

The Council unveiled the new Unified Free Zone Passport, offering flexible options for investors to leverage additional free zone benefits across Dubai, enhancing ease of doing business and fostering collaboration among free zone authorities. It underscored initiatives to empower UAE nationals by integrating them into the private sector and free zone entities, supporting Emiratization goals through training and career opportunities facilitated by flexible regulatory frameworks.

A report from the Dubai Data and Statistics Establishment highlighted a notable rise in FDI within Dubai's free zones, underscoring the importance of accessible economic data flow via user-friendly dashboards for stakeholders. The Operations Center of Economic Crimes presented mechanisms to safeguard client funds and enhance sector reputations through collaborative best practices among free zone-based companies.

Overall, the meeting demonstrated Dubai Free Zones Council's proactive approach to advancing economic development, fostering innovation, and reinforcing Dubai's position as a global economic hub.

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