Ruler Sheikh Mohammed bin Rashid Al Maktoum on Monday issued a new law to create the Dubai Integrated Economic Zones Authority, an independent legal entity with financial and administrative autonomy.
According to the legislation, Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commercity will operate under the supervision of the newly created authority.
Sheikh Mohammed, also Vice President and Prime Minister of the UAE, issued a decree appointing Sheikh Ahmed bin Saeed Al Maktoum as chairman naming Dr Mohammed Ahmed Al Zarouni as executive chairman effective from January 1 2022.
He said 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.
The initiative seeks to consolidate the success of free zones in catalysing growth and adding value to the national economy, a statement said.
“The establishment of the Dubai Integrated Economic Zones Authority is a vital move to enhance Dubai’s global competitiveness and raise its investment attractiveness. The private sector is a major partner in our development journey over the next 50 years and the government continues to explore innovative initiatives to support their growth and success,” he said, adding: “Our objective is to make Dubai the destination of choice for global investors and a major focal point for global commerce.”
Over 5,000 international firms, covering 20 key economic sectors and employing 30,000 employees from all over the world, will operate under the Dubai Integrated Economic Zones Authority.
Economic activity regulated by the authority generates 5 percent of Dubai’s GDP.
With the broader aim of enhancing Dubai’s status as a global and regional investment hub, the law will support integrated economic zones in enhancing growth, diversifying investment and business opportunities and improving ease of doing business.
One of the authority’s key focuses is to attract local and international companies to set up their headquarters in integrated economic zones in the emirate.
Companies and individuals licensed in the zones under the authority are exempted from all taxes, including income tax, for 50 years, effective from the date of the new law. This exemption period can be renewed for a similar period by a decision issued by the Dubai ruler.
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