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Fri 21 Sep 2018 10:28 AM

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First Dubai freezone firms issued permits to operate across the Emirate

Emirate's Department of Economic Development has issued permits to 163 free zone companies

First Dubai freezone firms issued permits to operate across the Emirate

Dubai's Department of Economic Development (DED) has issued permissions to 163 free zone companies that will allow them to operate in the Emirate's mainland.

The move comes after the DED and the Dubai Free Zones Councila signed a memorandum of understanding (MoU) earlier this year that would allow free zone-registered firms to operate across the emirate.

There are currently 34,780 entities registered across Dubai's more than 30 freezones in Dubai that can benefit from the permissions meant to attract more investment, and boost entrepreneurship rates in the Emirate.

To receive the permit, companies need to produce a no-objection certificate from their respective free zone authority.

The UAE's capital, Abu Dhabi, has also embarked on a similar initiative, allowing dual licences for firms registered in its freezones to operate across the mainland.  Abu Dhabi's dual licence initiatives is one of 10 unveiled as part of a AED 50 billion stimulus boost meant to diversify its economy, reduce reliance on oil revenues, attract foreign investment, and improve economic growth rates.

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