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Dubai announced the establishment of the Dubai Comprehensive Economic Zone Authority, a new agency designed to oversee the operations of Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Business City.
According to the new law promulgated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Chief of Dubai, the Dubai Comprehensive Economic Zone Authority will be an independent legal entity with financial and administrative autonomy . His Highness has appointed His Highness Sheikh Ahmed bin Said Al Maktoum as the Chairman and Dr. Mohamed Ahmed Zaruni as the Executive Chairman of the Authority.
His Highness Sheikh Mohammed bin Rashid stated that the establishment of the Dubai Comprehensive Economic Zone Authority is part of the Emirate’s efforts to introduce a new framework to further improve the services provided to businesses and investors. The initiative aims to consolidate the success of the Dubai Free Zone in promoting economic growth and increasing the value of the national economy.
“The establishment of the Dubai Comprehensive Economic Zone Authority is an important measure to enhance Dubai’s global competitiveness and increase its investment attractiveness. The private sector is our main partner in the next 50 years of development, and the government will continue to explore innovative measures to support its growth And success. Our goal is to make Dubai the preferred destination for global investors and the main focus of global business.”
More than 5,000 international companies will operate under the leadership of the Dubai Comprehensive Economic Zone Authority, covering 20 key economic sectors and employing 30,000 employees around the world. The economic activities regulated by the Authority generate 5% of Dubai’s GDP.
In order to enhance Dubai’s status as a global and regional investment center, the law will support the comprehensive economic zone to promote growth, diversify investment and business opportunities, and improve the ease of doing business.
One of the priorities of the Authority is to enhance Dubai’s economic competitiveness, especially in the areas of retail, technology, Islamic economy, e-commerce, industry, logistics and shipping. It also aims to support SMEs and promote cross-sector entrepreneurship and innovation.
Within 50 years from the effective date of the new law, companies and individuals licensed in the comprehensive economic zone under the administration will be exempt from all taxes, including income tax. A decision issued by the ruler of Dubai could extend this exemption period by a similar period.
All subsidiaries of the Dubai Comprehensive Economic Zone Authority, as well as companies and individuals licensed by the Authority, are not subject to restrictions on the repatriation of capital, profits and wages in any currency to any destination outside of their area. The exemption is valid for 50 years, and a similar period can be extended according to a decision issued by the ruler of Dubai. In addition, the funds of licensed companies and their employees will not be nationalized or restricted in ownership.
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