Dubai's Free Zones Model 2030: Enhancing Support for Economic Agenda D33

Photo : Dubai Government Media Office

During the 28th meeting of the Dubai Free Zones Council (DFZC), chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, members confirmed the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. These directives aim to enhance the components of a diversified, sustainable, resilient, and future-ready economy, serving as a master plan for the Dubai Free Zones Model 2030. This model is set to support the objectives of the Dubai Economic Agenda D33 over the coming decade and bolster the emirate's economic competitiveness.

Council members emphasized that the Dubai Free Zones Model 2030 represents a strategic initiative within the agenda of The Executive Council of Dubai and its Strategic Affairs Council. The plan is designed to facilitate the doubling of Dubai's economy by 2033 and to increase annual foreign direct investment over the next ten years. This aligns with the Dubai Economic Agenda D33, which aims to attract global businesses and investors to launch significant economic projects and form successful partnerships within Dubai’s free zones. The ultimate goal is to solidify Dubai's status among the top three global cities.

In addition, the council reviewed the updated Dubai Free Zones Model 2030, which is structured around four key pillars:

1. Economic: This pillar emphasizes the ease of doing business through a unified incentives program, aimed at enhancing the attractiveness of free zones.

2. Social: This component focuses on providing a modern lifestyle that draws in talents and skilled professionals.

3. Environmental: The model seeks to achieve net-zero emissions by 2050 while increasing the contribution of clean energy to 30% by 2030.

4. Governance: This aspect aims to streamline processes, procedures, and service delivery.

During the meeting, council members discussed the contributions of free zones to Dubai’s GDP, along with key economic statistics and indicators. They also reviewed a dashboard for the free zone authorities and the council, which will offer real-time data on licenses, workforce, foreign investment, and trade. The importance of integrating information and statistics for better decision-making was underscored.

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The council members highlighted the crucial role of license regulation within Dubai's free zones in enhancing competitiveness and simplifying business operations across the emirate. This initiative aligns with the zero-government bureaucracy program and is complemented by regulatory frameworks concerning taxes, in accordance with ministerial decisions on corporate tax. Additionally, businesses in the free zones can benefit from a zero tax environment.

The DFZC also commended the Emiratisation efforts of Dubai's free zone authorities and the businesses operating within these areas. Council members considered proposals to enhance partnerships with free zone-based companies in future Emiratisation initiatives. These proposals included organizing more career fairs, providing field training opportunities for students and graduates to improve their skills and employability, and encouraging companies to continue hiring local talent. Moreover, the council recommended recognizing businesses for their efforts in promoting employment among Emiratis.

This comprehensive approach reflects Dubai’s commitment to creating an economic environment that is not only competitive but also conducive to sustainable growth and development, ensuring that the emirate remains a leading destination for global business and investment.