DFZ Council explores business accelerator initiatives and startups support.
The Dubai Free Zones Council (DFZ Council) held its 18th meeting, headed by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, to discuss strategic initiatives that support Dubai-based startups and SMEs, in coordination with business accelerators, to boost Dubai’s status as a preferred destination for foreign direct investment and innovation.
Referencing their registered Dh135 billion in foreign trade in Q1 2021, approximately 38 per cent of Dubai’s total foreign trade, Sheikh Ahmed lauded the role of Dubai’s free zones in creating a refreshing trade corridor with global markets and attracting foreign direct investments to Dubai in battling with the Covid-19 implications.
Sheikh Ahmed bin Saeed Al Maktoum emphasised that the highly flexible environment that Dubai’s free zones created through its value-added and incentivized initiatives has proven its exceptional economic model. He noted that Dubai’s free zones’ competitiveness had gained the confidence of the global business community.
DFZ Council members highlighted that the recent decisions are taken by the UAE Cabinet, namely resolution no. 16 of 2020 concerning the determination of the positive list of economic sectors and activities eligible for foreign direct investment and percentage of their ownership, boost the ease of setting up and doing business in the UAE and the national economy’s competitiveness. The decisions also create a surge of attractive opportunities for talent, expertise, and innovative ideas from around the globe.
Sheikh Ahmed said: “The decision coincides with Dubai’s preparations to host Expo 2020 Dubai, the largest global event of its kind, as it will have a strong positive impact on attracting foreign direct investment. Our economy presents a real example in boosting the global business community’s confidence to invest due to its flexible and secure business environment, the advanced and world-class infrastructure, and high quality of life that allows global talents and investors to consider it home.”