“Free Zones Model 2030” raises Dubai’s competitiveness and increases foreign investment

The Dubai Free Zones Council, in its 28th meeting chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, confirmed that “the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, to strengthen The components of a diversified, sustainable and flexible economy, as a fully prepared system for the future, constitute the main blueprint for the design of the (Free Zones Model 2030), which supports the achievement of Dubai’s D33 Economic Agenda for the next decade, and raises the sustainable competitiveness of the emirate’s economy.”

The Council confirmed that the “Free Zones Model 2030”, which constitutes one of the strategic initiatives approved within the agenda of the Executive Council of the Emirate of Dubai and the Emirate’s Strategic Affairs Council, will contribute to efforts to double the economy of free zones by 2033, and supports the goal of increasing foreign direct investment annually stipulated in the agenda. Dubai Economy D33 attracts international companies and international investors to launch qualitative economic projects, establish successful companies and partnerships starting from the free zones in Dubai, and supports the consolidation of its international position as one of the three best economic cities in the world within a decade.

The Council reviewed the “Free Zones Model 2030,” which covers four pillars, including the “economic dimension,” highlighting business practice, and a unified incentive system for free zones that contributes to providing new opportunities. The “social dimension” emphasizes the importance of providing a modern lifestyle that attracts talents and competencies, while the “environmental dimension” is keen to pay attention to the environment, achieve the goals of climate neutrality by 2050, raise the contribution of clean energy to 30% by 2030, and pay attention to legislation and guidelines to push towards… Carbon neutrality. The “Governance” axis focuses on facilitating procedures, operations and services in free zones.

The members continued to review the updated version of the contribution of the free zones in Dubai to the emirate’s gross domestic product, statistics, economic indicators, and the data dashboard system for the free zone authorities and the Council. The data dashboard will provide the authorities’ contribution to economic indicators, and obtain real-time information about licenses, labor force, foreign investment, and foreign trade.

The Council also stressed the importance of achieving the flow and integration of information, statistics, and data.

The members stressed the importance of regulating licensing in Dubai’s free zones in enhancing their competitiveness and facilitating doing business in the emirate, in line with the zero government bureaucracy program, as well as organizing tax work in a manner consistent with ministerial decisions issued regarding corporate tax, and opportunities to benefit from zero tax on business. Practice in free zones and outside the country.

Resettlement in free zones

The Dubai Free Zones Council praised the Emiratisation steps in the free zones in Dubai, which were made through the efforts of the free zone authorities and their companies. The Council listened to proposals to enhance the role of partnerships with companies registered in the free zones and future programs regarding Emiratisation by the free zone authorities and their companies, including increasing the organization of open employment days, and providing… Field training opportunities for students and graduates, with the aim of enhancing their skills and qualifying them for the labor market, in addition to encouraging companies to continue recruiting qualified talent. The Council recommended encouraging companies and honoring them for their recruitment efforts.