41% of the Emirate’s trade accounts for 22% AED 394 Billion Free Trade in Dubai in 9 Months2018-12-23
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Free Zones Council, said that the free zones in the emirate continue to contribute significantly to boosting the emirate’s non-oil foreign trade with an increase of 394 billion dirhams during the first nine months of 2018, representing 41% of trade In the same period with a growth rate of 22%, with imports reaching 54.5% at AED 215 billion and exports and re-exports at 45.5% at AED 179 billion.
“This growth is due to the efforts of the free zones and their promotional campaigns to attract and increase the flow of foreign direct investment to the emirate. This confirms that Dubai enjoys the highest level of specialization and attractiveness of foreign direct investment in various sectors of business, in addition to the economic and investment incentives facilitated by the Emirate’s legislation, To attract foreign capital, where the share of free zones in the gross domestic product in the emirate 31.9% according to official statistics.
His Highness the Prime Minister of the United Arab Emirates (UAE) announced that the top trade partners of the free zones in Dubai in the first nine months of 2018 with a total trade volume of 59 billion dirhams and second in the world and the first in the Arab and Gulf countries came to Saudi Arabia with a trade value of 34.2 billion dirhams. With a trade value of 34 billion dirhams. This comes at a time when Dubai’s 24 free zones, with more than 41,000 companies with more than 354,000 employees, are supporting the UAE’s national economy in general and a key driver of Dubai’s economy in particular.
The best economy
His Highness Sheikh Ahmed bin Saeed Al Maktoum praised the outstanding performance of the first nine months of the free zones in Dubai, which is a key axis of the emirate’s economy and a center of foreign direct investment and its starting point for expansion and prosperity in the regional and international markets. The economy of Dubai has been based on the efforts of the free zones to diversify the economy and explore the future of oil. This is in line with the objectives of the Dubai 2021 plan to elevate the emirate to become a global destination in all its aspects and to make the local economy a major hub in the global economy.
The free zones contribute to achieving the strategic objectives of the Emirate and its plans to build a strong and competitive economy based on diversity as a fundamental pillar of the national economy and its role in sustaining foreign direct investment. Term growth in the short and long term. This is in line with the Emirate’s keenness to develop its role as a link between the East and West markets, while providing a unique global model for discovering and developing opportunities despite the challenges facing the global trade movement.
“This role is a reflection of the future vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai one of the most attractive destinations for foreign direct investment, major international projects and international companies. A smart and sustainable future city and gateway to business and investment growth, characterized by a sophisticated infrastructure and attractive investment incentives.
He stressed that the free zones in the emirate will focus next year on intensifying efforts to adapt and adapt to the global economic climate, which is witnessing a recovery at all levels, to maintain its distinctive capabilities in attracting foreign investment and continuing the march of economic development
A free environment that builds a sustainable economy
The year 2018 witnessed the establishment of a mechanism for the transfer of companies between the free zones in Dubai, which facilitates the expansion of the activities of companies in the free zones and supports the movement of the economy and provides an environment conducive to the growth and expansion of companies and is consistent with the continuous pursuit of Dubai and the UAE to achieve the highest centers in the competitiveness indicators and business regionally and internationally.
In addition, the year 2018 witnessed the establishment of an integrated, integrated regulatory and financial role to follow up compliance with these standards in all free zones. This is a guarantee for the survival of Dubai and the UAE. Is a world-class excellence in this vital field, which generates more confidence and flows for foreign direct investment, and enhances Dubai and the UAE’s ranking on the highest credit and banking and financial confidence indices.
The Dubai Free Zone Council, chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, comprises 24 free zones of 11 authorities, including the Jebel Ali Free Zone Authority (JAFZA), the Dubai International Financial Center (DIFC), the Dubai Creative Parks Authority Dubai International Airport, Dubai Duty Free, Dubai Multi Commodities Center, Dubai South, Dubai Silicon Oasis Authority, Dubai World Trade Center Authority, Dubai Healthcare City Authority, Meedan Free Zone, Humanitarian services “, all of which provide a free economic environment that ensures the building of a sustainable economy.
The success of these regions in attracting foreign direct investment has been an essential part of Dubai’s success story, making it the subject of extensive economic studies on how to stimulate the local economic sectors and linking them to the most important axes of the global economy and encouraged many countries in the region and the world to draw inspiration from their experience Strategic visions and long-term development plans.
Dubai aims to establish free zones in order to encourage foreign trade and attract foreign investment to enhance its strategic location, political stability, flexible legislation, competitive tax policies and advanced infrastructure to create a free economic environment that ensures the building of a sustainable economy.
Most of the emirate’s free zones have proven to be a model for the region and the world because of the highly developed areas and their success as a vibrant environment for entrepreneurs, entrepreneurs, entrepreneurs, small and medium enterprises.
The free zones in Dubai offer the ownership of foreigners to companies registered with them 100%, and such companies enjoy tax exemptions and exemption from customs duties, in addition to exemptions from taxes on exports or imports, while other trade concessions include the absence of any restrictions on employment or sponsorship .