Dubai Free Zones Aim for Bigger Impact with “Free Zones Model 2030”

March 12, 2024

The Dubai Free Zones Council (DFZC) is setting its sights on the future with an ambitious plan called “Free Zones Model 2030.” Here are the key takeaways:

Boosting Investment: The plan aims to attract more foreign direct investment to Dubai over the next decade, further solidifying its position as a global investment hub.
Enhancing Competitiveness: The DFZC is working on improving the overall competitiveness of Dubai’s free zones to attract and retain businesses.
Supporting Growth: Facilitating the establishment, expansion, and growth of companies within the free zones is a core focus of the initiative.
Aligning with Dubai Economic Agenda: The Free Zones Model 2030 aligns with the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy within ten years.
Dubai as a Hub for Innovation: The DFZC continues to develop Dubai’s free zones as a global leader in attracting investment, particularly in sectors key to the future economy. This fosters innovation and positions Dubai as a hub for groundbreaking ideas and successful businesses.

Additional Initiatives:

Performance Indicators: The DFZC is developing a system to provide real-time data to free zone entities for informed decision-making.
Financial Regulations & Compliance: The Council reviewed draft laws aimed at simplifying administrative procedures and strengthening Dubai’s appeal to talent and businesses. Additionally, they discussed ongoing efforts to maintain compliance with Financial Action Task Force (FATF) standards.
Completed Projects: The meeting reviewed progress on various projects undertaken in 2023, including a unified Dubai license, economic impact studies, and anti-money laundering measures.
Upcoming Initiatives: The Council discussed plans for upcoming projects, such as corporate tax awareness sessions for free zone authorities and businesses.
Budget Approval: The meeting concluded with the approval of the budget for 2024, which will support ongoing free zone projects and their positive contributions to Dubai’s economy.

Overall, the Dubai Free Zones Council is taking proactive steps to solidify Dubai’s position as a leading global investment destination through the Free Zones Model 2030 and other initiatives.