The new $7.9 billion ‘Economic Zones World' will see the emirate develop industrial parks overseas.
Dubai is to capitalise on its experience in creating ‘free zones’ with the launch of Economic Zones World, which will specialise in the development and management of similar business hubs across the globe.
The government-owned Dubai World holding company will invest AED29 billion ($7.9 billion) in creating a single commercial entity to look after its worldwide operations of free zones, according to Gulf News.
These will include special economic zones, activity-specific business and industrial zones.
Economic Zones World’s current group profile includes Dubai’s flagship venture Jebel Ali Free Zone (Jafza), Techno Park, Dubai Auto Zone, and its international arm Jafza International.
The latter currently operates free zones in Morocco, Djibouti and Malaysia, and is in discussions with Oman, Senegal and South Korea.
The new entity will aim to expand further, especially in the emerging economies of Asia, Africa, the Middle East, Eastern Europe, Latin America.
Jafza, one of the largest and fastest-growing free zones in the world, was established in 1985. Today it is home to about 6,000 companies from 120 countries, and plays a lead role in the burgeoning UAE economy.