New Law Merging Economic Zones In UAE
The ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid has issued Law No. (16) of 2021 creating the Dubai Integrated Economic Zones Authority, an independent legal entity with financial and administrative autonomy. Aims to merge all free economic zones in Dubai into a single roof. This shift will strengthen the Emirate’s status as a global and regional investment hub. Nevertheless, Dubai’s vision seems to be more robust day by day.
The New law intends to create one single super-authority that will manage Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai Commerce City. These three zones will report directly to the new authority from January 2022. Accordingly, the zones will now be closely supervised by the newly formed authority commencing from January 1, said Dubai Media Office.
The goal of attracting more local and international businesses is the backbone of the law. The Dubai Integrated Economic Zones (DIEZ) is now preparing to consolidate the efforts of the three leading free zones. Moreover, the goal accommodates worldwide networking along with a state-of-art multimodal ecosystem for the sector.
Critics call for another game-changer for the Emirati business landscape through this newly issued law. What’s more into the add-ons is the sustainable spike in trade and employment in UAE.
Who is this new authority?
The new authority is called Dubai Integrated Economic Zone Authority. DIEZ will have Shiekh Ahmed Bin Saeed Al Maktoum as its chairman and Mohammed Al Zarooni as its chief executive and several potential professionals as core members.
Why create DIEZ?
The idea is to facilitate greater access to global markets through an accelerated transition to a digital environment. Since the private sector is a major contributor in raising the standards of the economic journey in the region. The aim is to name Dubai the choice of global investors and global commerce in the next 50 years.
The Dubai FDI Monitor reports co-released in April by Dubai Investment Development Agency show that Dubai attracted 24.7 billion Dirhams in foreign direct investment in 2020 through 455 projects. Which is exactly what the emiratis intend to increase by the coming years.
More than 5,000 international firms, covering 20 key economic sectors and employing 30,000 job seekers worldwide will operate under the DIEZ authority. Their task will remain to attract international and local corporates to build their base in UAE. While, promoting retail, technology, Islamic economy, e-commerce, industrial, logistics, shipping, and supporting small and medium enterprises are their responsibilities too. Dubai’s vision and wise actions have resulted in the upbringing of this mere Arab country to Middle East’s financial & trading hub, with more to come. Below provided is the link to the source of information, navigate to read more on the specifics of this law.
