Together, these three zones represent more than 5,000 companies

Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued a law establishing the ‘Dubai Authority for Economic Zones’, which will include Dubai Silicon Oasis, Dubai Airport Free Zone and Dubai CommerCity.

The authority, which includes 5,000 registered companies, will be chaired by Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and CEO of Emirates Airline and Group. Dr. Mohammed Al Zarouni has been appointed CEO of the Authority.

“Today, we issued a law establishing Dubai Authority for Economic Zones. The Authority includes Dubai Silicon Oasis, Dubai Airport Free Zone and Dubai CommerCity. Comprising 5,000 companies, the authority will be chaired by Sheikh Ahmed bin Saeed, assisted by Dr. Mohammed Al Zarouni…Wishing them all the success,” Sheikh Mohammed tweeted.

The Authority will introduce new frameworks to improve services provided to businesses and investors, which in turn will help accelerate economic growth. The initiative seeks to consolidate the success of free zones in catalysing growth.

“The establishment of the Dubai Integrated Economic Zones Authority is a vital move to enhance Dubai’s global competitiveness and raise its investment attractiveness,” said Sheikh Mohammed. “The private sector is a major partner in our development journey for the next 50 years, and the government will continue to explore innovative initiatives to support their growth and success.”

“Our objective is to make Dubai the destination of choice for global investors and a major focal point for global commerce.”

Enhance the ease of doing business

The new Authority is one among many strategic initiatives to increase the speed and efficiency of services for businesses and enhance the ease of doing business.

Over 5,000 international firms, covering 20 key economic sectors and employing 30,000 employees from all over the world, will operate under the Dubai Integrated Economic Zones Authority.

The law will support integrated economic zones in enhancing growth, diversifying investment and business opportunities and improving ease of doing business.

A move to attract companies

One of the Authority’s key focuses is to attract local and international companies to set up their headquarters in Integrated Economic Zones in the emirate. It also aims to support SMEs and drive entrepreneurship and innovation across sectors.

Duties of the Authority

The Authority will with create, develop and manage the infrastructure and administrative services of Integrated Economic Zones. It will also regulate business activities and services in Integrated Economic Zones, including the import and storage of merchandise.

PERKS OF BEING LICENSED UNDER THE AUTHORITY

Companies and individuals licensed in the Integrated Economic Zones under the Authority are exempted from all taxes, including income tax, for 50 years, effective 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 subsidiaries of the Dubai Integrated Economic Zones Authority and companies or individuals licensed by the Authority are exempted from restrictions on repatriation of capital, profits and salaries in any currency and to any destination outside its Zones. This exemption is valid for 50 years. Furthermore, the funds of licensed companies and their employees will not be subject to nationalisation or restricted ownership.

In addition, the operations of the Integrated Economic Zones Authority and companies licensed by the Authority are not subject to the regulations of Dubai Municipality or Dubai Economy, except in the case of regulations related to safety, security and food control, or any other regulations clearly designated as applicable within Free Zones.

SOURCE: gulfnews.com