His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, issued Law No. (16) of 2021 bringing Dubai’s economic zones under one umbrella, a move designed to further strengthen the emirate’s status as a global and regional investment hub.
The Dubai Integrated Economic Zones Authority, an independent legal entity with financial and administrative autonomy, will supervise the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City.
Sheikh Mohammed also issued Decree No. (36) of 2021 appointing H.H. Sheikh Ahmed bin Saeed Al Maktoum as Chairman of the Authority and Decree No. (37) of 2021 naming Dr. Mohammed Ahmed Al Zarouni as CEO of the Authority. Law No. (16) and Decrees No. (36) and (37) of 2021 will be published in the Official Gazette and are effective from 1st January 2022.
The creation of the integrated body is in line with Dubai’s efforts to introduce frameworks for further improving services provided to businesses and investors, which in turn will help accelerate economic growth.
“The establishment of the Dubai Integrated Economic Zones Authority is a vital move to enhance Dubai’s global competitiveness and raise its investment attractiveness. Our objective is to make Dubai the destination of choice for global investors and a major focal point for global commerce,” Sheikh Mohammed said.
In 2020, Dubai attracted $6.7 billion in foreign direct investment (FDI) through 455 projects, according to data from the Dubai FDI Monitor released in April by the Dubai Investment Development Agency, an agency of Dubai Economy.
The pace of Dubai’s recovery has picked up on the back of wide-scale coronavirus testing and vaccinations. Dubai’s economy is expected to grow by 4 percent this year, according to government data.
More than 5,000 international firms, covering 20 key economic sectors and employing 30,000 people from across the world, will operate under the Dubai Integrated Economic Zones Authority. Economic activity regulated by the new authority generates 5 percent of Dubai’s gross domestic product.
The new Authority will work towards creating, developing and managing the infrastructure and administrative services of Integrated Economic Zones. It will also regulate business activities and services in Integrated Economic Zones, including the import and storage of merchandise.
It will also be responsible for promoting the emirate’s economic competitiveness in retail, technology, Islamic economy, eCommerce, industrial, logistics and shipping sectors, while also supporting small and medium enterprises.
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