Three Dubai free zones come under new authority

Monday, 20 September 2021 19:13

By ARN News Staff

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has announced the creation of Dubai Integrated Economic Zones Authority.

The new entity will supervise Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commercity.

It will house over 5,000 international firms, covering 20 key economic sectors and employing 30,000 people.

The initiative is the latest in a series of strategic projects aimed at enhancing the ease of doing business in Dubai.

Companies and individuals licensed in the Integrated Economic Zones under the Authority are exempted from all taxes, including income tax, for 50 years.

"The creation of the Dubai Integrated Economic Zones Authority is part of the emirate’s efforts to introduce new frameworks for further improving services provided to businesses and investors, which in turn will help accelerate economic growth," said Sheikh Mohammed.

His Highness Sheikh Ahmed bin Saeed Al Maktoum has been appointed as the Chairman of the new Authority and Dr. Mohammed Ahmed Al Zarouni as its Executive Chairman.

.@HHShkMohd issues law creating Dubai Integrated Economic Zones Authority.@DAFZAOfficial, @dsoafz & @DubaiCommercity will operate under its supervision. @HHAhmedBinSaeed will chair DIEZ and Dr. Mohammed Al Zarouni will serve as Executive chairman. https://t.co/WKRYcvV7MA pic.twitter.com/znBFGN1Mi5
— Dubai Media Office (@DXBMediaOffice) September 20, 2021

. @HHShkMohd: The creation of the Dubai Integrated Economic Zones Authority is part of the emirate’s efforts to introduce new frameworks for further improving services provided to businesses and investors, which in turn will help accelerate economic growth. pic.twitter.com/l1DVWVfF6Z
— Dubai Media Office (@DXBMediaOffice) September 20, 2021

More from Business

Disney settles suit over women's pay for $43 million

Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.
Etihad Airways adds ten new destinations for 2025

UAE carrier Etihad Airways is set to introduce ten new destinations starting in 2025, expanding its global presence as it brings tens of thousands of new visitors to the capital.
Trump pledges new tariffs on Canada, Mexico, China

US President-elect Donald Trump on Monday pledged a 25 per cent tariff on all products from Mexico and Canada from his first day in office, and an additional 10 per cent tariff on goods from China, citing illegal immigration and the trade of illicit drugs.
UAE and Bahrain finalise ICV programmes procedures

The UAE and Bahrain have finalised the procedures required to implement an MoU, signed last January, that fosters cooperation between the National In-Country Value (ICV) Programme and Bahrain’s Value Programme in Industry, known as Takamul.