DFZ discusses setting up of financial institutions inside Dubai free zones

Ahmed bin Saeed Al Maktoum copy

ABU DHABI / Emirates Business

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Free Zone (DFZ) Council, on Saturday chaired the second council meeting which was held at the Emirates Towers. The discussions revolved around the proposed amendments to the draft statute and the financial resources of the council.
The meeting also discussed the work progress of strategy and data committees, the draft law on the regulation of land survey works in the Emirate of Dubai, a proposal to allow medical institutions based in Dubai Healthcare City to open branches inside free zones in Dubai and the transfer of companies among the free zones in the emirate of Dubai.
The members were presented with a detailed explanation from the strategic directions committee thoroughly explaining the vision of the council and its role in advancing the performance of the free zones. He pointed out that the preparation of the strategic plan has been assigned to a think-tank, in line with the requirements of the Dubai Strategy 2021, and will include the realization of the councils’ objectives by proposing appropriate initiatives and projects.
The database committee also showcased the purpose of the database compilation, which is to create the framework of a unified general directorate to collect data and information about the free zones, in order to facilitate the task of decision-makers, to get a clearer image on the size of the contribution of free zones to economic growth and the Dubai GDP. The database will also include a number of items, including: the names of companies licensed in free zones, the date of registration, the sector they operate in, nationalities, number of their staff, subcommittees and more. The database is expected to be completed and available to the council by December 2016.
The council members went on to discuss a draft law on the regulation of land survey works in the Emirate of Dubai which had been proposed by the Dubai Municipality, and discussed the law, its significance and its purpose.

The council agreed to take the necessary steps in discussing the issue and temporarily implement the proposed system, after which they will compile the results and present them to the wider DFZ Council for review.
His Highness Sheikh Ahmed bin Saeed as the Chairman of the Dubai Free Zone Council commended the cooperation between the free zones and Dubai Municipality. The coordination effectively boosts adoption of free zone schemes, facilitating services and raising the performance of the free zones, which in return contributes to attracting more investment.
Council members also discussed a proposal to cooperate with Dubai Healthcare City Authority to allow medical institutions based in Dubai Healthcare City to open branches inside the free zones in the Emirate of Dubai. Furthermore, allowing for doctors and workers in the field of medical care and licensed by the Dubai Healthcare City Authority to operate in the free zones of Dubai.
Additionally, the council approved a decision to facilitate the transfer of companies among the free zones in the emirate of Dubai, where the company that is looking to relocate can transfer its full record to the new free zone without having to cancel its outstanding registration and/or liquidating the business. This will give companies wishing to relocate to a more appropriate environment in Dubai financial and administrative stability. His Highness Sheikh Ahmed directed the legal committee to develop the framework and measures that will support this decision.
The Dubai Free Zone Council was established in April last year following law No. 13 of 2015 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, as Ruler of Dubai, Vice President and Prime Minister of the UAE, in order to develop and qualify Dubai’s free zones to attract investments, establishing advanced investment environment that contributes to promoting industry, commerce, tourism and services sectors in Dubai. The council is made up of senior officials of the various free zones in Dubai as well as the Director General of Dubai Municipality and the Director General of State Security in Dubai.

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