Most notably a business accelerator and platform for start-ups

Dubai Free Zones Council discusses initiatives to accelerate business and support startups

• Free zones in Dubai contribute to accelerating the economic recovery process.

  Photography: Patrick Castillo

• Ahmed bin Saeed: “The secret of the excellence of our economic initiatives is due to the vision and proactive plans led by Mohammed bin Rashid.” “The high flexibility embodied by the free zones in Dubai has proven to be an exceptional economic model.”

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The Dubai Free Zones Council held its 18th meeting for the year 2021, chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Council, during which he praised the efforts of the free zones in Dubai in accelerating the process of economic recovery, stressing their role in creating a revival trade movement for global markets, and the flows of foreign investments. Direct to Dubai, which was confirmed by the strong results and through which it challenged the restrictions that affected the “Covid-19” pandemic globally through its contribution estimated at 135 billion dirhams, which represents 38% of Dubai’s total foreign trade during the first quarter of 2021.

His Highness Sheikh Ahmed bin Saeed Al Maktoum stressed that "the high flexibility embodied by the free zones in Dubai, with its qualitative initiatives and investment incentives, has proven that it is an exceptional economic model, based on elements of record efficiency in supporting foreign direct investment and its pioneers and the sustainability of their business, which contributes to enhancing competitiveness." The free zones provide a distinctive business experience, confirming the confidence of the international business community in them.”

Within its agenda, the council discussed strategic initiatives to support start-ups, small and medium-sized companies, to enhance their integration with business accelerators, in order to confirm Dubai's position as a preferred home for foreign direct investment and innovation.

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The Council commended the Ministry of Economy’s announcement of the entry into force of the Commercial Companies Law last month, which allows investors and entrepreneurs to establish and fully own companies in specific economic sectors and activities.

The Council stressed that the Cabinet's decision on foreign direct ownership enhances the competitiveness of the national economy, and will work to attract and increase foreign direct investment flows, thus enhancing the position of the UAE on the global investment map.

His Highness Sheikh Ahmed bin Saeed Al Maktoum said: "The decision of foreign direct ownership will enhance the added value of the UAE economy, as the law enters into force in conjunction with the preparations of the Emirate of Dubai to receive the largest global event (Expo 2020), as it will have a strong positive impact in attracting investments. Foreign direct, in light of the rapid economic recovery led by the state and the emirate at the level of the region.

lessons learned

His Highness added that "our economy has provided lessons learned globally in enhancing the confidence of the business community in bringing their investments to the state, due to the flexible and safe business environment it provides for their investments, in addition to the advanced and world-class infrastructure that the state and Dubai enjoy, and the high quality of the living environment that makes it a home." global investment and talent.

His Highness pointed out that "the secret of the excellence of our economic initiatives is due to the vision and proactive plans led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as the overall strategies and initiatives announced, would support the stability of our national economy and increase its flexibility." its efficiency and adding a high value to the investors’ experience, and the wise leadership’s endeavor to enhance economic, political, security and social stability, and raise the level of high response to facing crises, would yield high investment returns.”

Business Acceleration

The Council was briefed on the “Business Acceleration Unit” initiative, which coordinates its meetings with the concerned authorities, companies and investors, to assess challenges, enhance development investment opportunities, and provide innovative proposals and solutions that will promote sustainable economic diversification, by taking advantage of success stories and distinguished models locally and globally in various business sectors The unit will devise practical plans to accelerate the design, establishment and development of business in all its stages, in order to enhance the provision of added value that contributes to making Dubai a preferred destination for business and innovation globally.

The council listened to a detailed presentation by representatives of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, on the "Promising Startup Platform" initiative aimed at attracting emerging companies to Dubai, in cooperation with an integrated network of 15 countries, especially projects that develop sustainable economic opportunities.

The Council discussed the developments of the unified registry platform, which aims to achieve integration in the open data of the various parties wishing to view it, which will provide opportunities for data analysis through artificial intelligence systems to perform and develop government services.

Ahmed bin Saeed:

• «The secret of the excellence of our economic initiatives, is due to the vision and proactive plans led by Mohammed bin Rashid».

• "The high flexibility embodied by the free zones in Dubai has proven to be an exceptional economic model."

Employee data

The Dubai Free Zones Council reviewed the initiative to link the data of workers in the free zone authorities to the unified register of data for Dubai government employees, which was recently approved and implemented, due to the improvement in the quality of data management and preservation in a reliable and secure digital platform, and it will form the unified base for talents, competencies and skills. The quality that the various participating parties include, is a reliable reference on the available competencies and talents in the various disciplines included in the free zones in Dubai.

• Free zones contributed 38% of Dubai's total foreign trade in the first quarter.

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