Mohammed bin Rashid issues a law establishing the "Dubai Authority for Integrated Economic Zones"

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, in his capacity as Ruler of the Emirate of Dubai, issued Law No. (16) of 2021 establishing the Dubai Authority for Integrated Economic Zones. His Highness also issued two decrees appointing His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Authority for Integrated Economic Zones, and Dr. Mohammed Ahmed Al Zarooni, Chief Executive Officer of the Authority.

Two of the oldest free zones in the United Arab Emirates will be subject to the supervision of the new authority: the Dubai International Airport Free Zone, and its attached lands, and its Dubai Commercity, which is the first specialized free zone for e-commerce in the Middle East, Africa and South Asia. In addition to the Dubai Silicon Oasis, the areas that together constitute a qualitative economic community that includes more than 5,000 international companies, employing about 30,000 employees and contributing about 5% of Dubai's GDP.

The Dubai Authority for Integrated Economic Zones (DIES) aims to raise the emirate’s position as a regional and global destination in the field of investment in all its forms, and to contribute to the implementation of the emirate’s strategic priorities related to the integrated economic zones, with the aim of raising the levels of economic growth in it, and contributing to drawing the future economic map of the emirate, including It enhances its vision of creating an economic market characterized by diversity and multiplicity of fields of investment and ease of doing business.

The authority also aims to combine efforts between the integrated economic zones, enhance its role in supporting the economy, build an economic system that serves all strategic sectors in the emirate, and contribute to the promotion of Dubai as a commercial, industrial and service destination.

and professionalism, and attracting and attracting investments, local and international companies and institutions to make the integrated economic zones the headquarters of their business and investments, as well as enhancing the competitiveness of the Emirate in all economic sectors, in particular retail trade, technology and modern technologies, Islamic economy, e-commerce, industries and logistics, and shipping, In addition to supporting services for these sectors, supporting small and medium enterprises and adopting creative ideas and projects.

Exemptions

The licensed establishments operating in the free zone and individuals working in these establishments will be subject to the “zero” rate for a period of fifty years, starting from the effective date of this law, and subject to extension, with respect to all taxes, including income tax, and related to their operations within the free zone, and taxes imposed on transfers of assets, profits, salaries or wages to any party outside the free zone, as well as profits resulting from the merger, division, or change of legal form of licensed institutions.

The Dubai Authority's institutions for integrated economic zones, licensed institutions operating in the free zone and individuals working in these institutions are also exempted from any restrictions related to the transfer of capital, profits or wages in any currency to any party outside the free zone, for a period of fifty years starting from the date of this work. The law, with the possibility of extension, and the licensed institutions and their funds and the funds of their employees are not subject to any nationalization or restrictive measures

For private ownership, for the duration of its operation in the integrated economic zones.

A global model

The Dubai International Airport Free Zone and Dubai Silicon Oasis are among the oldest free zones in the UAE and Dubai, and they have an exceptional national balance of achievements that they have succeeded in achieving over the past years, while Dubai CommerCity is the joint venture between the Airport Free Zone. Dubai and Wasl Real Estate Corporation, the first free zone specialized in e-commerce in the Middle East, Africa and South Asia, and among the most recent free zones established in the UAE, which brings an innovative approach to future commercial transactions and exchanges in the e-commerce sector.

The Dubai Authority for Integrated Economic Zones (DIES) will work to enhance its national economic contribution and consolidate Dubai's position as a pivotal center for global trade, by providing an advanced and multi-modal ecosystem that will facilitate entry to regional and international markets in a manner enhanced by a global network with high logistical, administrative and technical capabilities. the level.

Diy's also provides an ideal model for the comprehensive experience of "live, work, and leisure", which confirms the attractiveness of Dubai as a major investment center in the region, with its world-class options, both in terms of business-supporting infrastructure and legislative frameworks.

and organizational, as well as living options through an environment in which all the necessities of modern life and world-class services and facilities are available.

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