Businesses that register to operate within Dubai Airport Freezone will also be licenced to operate onshort in the emirate, following an agreement between the free zone authority and Dubai Government.
Dubai Airport Freezone Authority (Dafza) has signed a memorandum of understanding (MoU) with the Department of Economic Development (DED) to allow Dafza-hosted companies to obtain dual licenses to operate across Dubai.
The MoU is part of intensified efforts between Dafza and DED to support a more flexible approach to driving investment, the two parties said in a joint statement.
Under the agreement, DED may modify or add any activity related to the licences of companies, subject to the approval of DAFZA.
Both parties will work closely to improve levels of governance, compliance and transparency for businesses working within Dafza, the statement added.
They will also monitor and inspect licenced companies to ensure their compliance with laws on various commercial activities such as consumer protection and commercial agencies operation, and to weed out fraud and deception.
However, applicants must still obtain the free zone’s registration in the first instance.
Dr Mohammed Al Zarooni, director-general of Dafza, said: “The MoU complements DAFZA’s leading role in increasing the flow of [foreign direct investment], and is in line with our strategic plan for 2017 to 2021.
“We are confident that this new licensing agreement will add significant value to the economy of Dubai and the UAE in general, as it will help attract international investors and offer a unique business experience serving the best interests of companies operating within the freezone.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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