Asia has the largest number of free zones in the world
Dubai accounts for 30 percent of free zones in the Middle East, according to statistics revealed ahead of the Dubai’s Annual Investment Meeting (AIM).
According to the statistics, Dubai accounts for 30 percent of the region’s 160 free zones.
Around the world, Asia had the largest number of free zones in the world, followed by North America, South America and the Middle East.
“In today’s fast-paced world, free zones are more than facilitators of seamless operations,” said Dawood Al Shezawi, the CEO of AIM’s organising committee.
“Offering legislative and investment benefits, free zones around the world have evolved as competitive business models that accelerate the growth of the economy by creating job opportunities and facilitating easy and smooth trade,” he added.
In December, the Dubai Free Zones Council announced that its total trade volumes grow by 22 percent year-on-year in the first nine months of 2018.
Free zone trade topped $107 billion (AED 394 billion), making up 41 percent of Dubai’s total trade during the period, said the authority which oversees the emirate’s 24 free-trade areas including Dubai Media City, Dubai International Financial Centre (DIFC), Jebel Ali Port zone and others.
China ranked first as Dubai’s most significant free-trade partner with a total trade volume of $16bn (AED59bn) during the time period, following by Saudi Arabia with $9.3 billion (AED34.2 billion) and India with $9.2 billion (AED 34 billion).