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Tue 24 Apr 2018 02:02 PM

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Dubai unveils new e-commerce rules to boost investment

As part of the initiative, the DFZC will also examine the implementation of blockchain technologies

Dubai unveils new e-commerce rules to boost investment

New e-commerce regulations from the Dubai Free Zones Council will have significant economic implications, including expanding air cargo and increasing operational efficiencies, according to DFZC secretary-general Dr Mohammed Al Zarooni.

The new initiative was developed to enable greater foreign direct investment in Dubai’s e-commerce sector, and will focus on establishing conditions and controls in the industry by cooperating with Dubai government authorities.

As part of the initiative, DFZC will form joint teams and workshops that will support the adaption of procedures and generate proposals that will help make Dubai an attractive option for free zone e-commerce companies.

Additionally, DFZC will examine mechanisms for adopting blockchain technology in a bit to increase transparency and speed up the completion and automation of procedures.

Among the benefits of the initiative, according to the DFCZ, will be the expansion of air cargo traffic and addressing the rise in demand and supply of logistics services.

"His Highness Sheikh Mohammed bin Rashid Al Maktoum has placed great confidence in us to implement a quality initiative that will stimulate the national economy through e-commerce,” said DFZC Secretary-General Dr. Mohammed Al Zarooni. “This highlights the vital role played by free zones over the past decades in attracting and sustaining FDI.”

“Our wise leadership has always seen Dubai as a city that foresees the future and has a clear goal of establishing itself as an ideal destination for investments,” he added. “At the DFZC, we are all confident of our ability to formulate a strong project for the growth of our national economy through e-commerce.”

Dr. Al Zarooni said that the initiative will focus on increasing competitiveness in operational efficiency, which, he added, will in turn lead to the “design of intelligent and sophisticated solutions” that will improve the overall experience of global e-commerce supply chains.

"The initiative will also encourage local talent and human resources to enter the sector, which will certainly enhance local competitiveness and generate plenty of career opportunities in both the UAE and the region,” he said. “The initiative will also act as the foundation to establish local companies to compete with international firms in the future, which will drive better opportunities for SMEs both locally and regionally.”

“It will also change the retail ecosystem in Dubai and its neighbouring markets to adopting non-traditional approaches in line with e-commerce-led developments," he continued.

By 2020, e-commerce investment in the Middle East is expected to reach $69 billion, of which the GCC will account for approximately 34 percent.

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