Ahmed bin Saeed chairs the 33rd meeting of the Dubai Free Zones Council
Dubai, December 25 / WAM / The Dubai Free Zones Council held its thirty-third meeting, chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, where a number of priority issues related to enhancing the integration of government efforts, developing the business environment in free zones, and raising regulatory readiness were reviewed, in order to keep pace with the requirements of the next stage.
The Council, in the presence of His Excellency Lieutenant General Mohammed Ahmed Al Marri, Director General of the General Administration of Identity and Foreigners Affairs in Dubai, reviewed ways to enhance cooperation within the framework of supporting the integration of efforts and facilitating doing business in free zones, in a way that contributes to improving the investor experience and enhancing the efficiency of procedures.
The Council valued the complementary partnership in a number of initiatives aimed at organizing the labor sector and simplifying the policies and procedures related to the sector and entry permits, including the “Events” visa initiative, which benefited major companies operating in the free zones.
The Council noted the significant positive impact of allocating 71 current employees around the clock within the free zones, as this is an important factor in accelerating the completion of transactions and facilitating operational requirements, which supports business continuity and raises the level of service readiness.
In addition, the Council discussed the proposal to establish a unified platform that serves all free zones within an integrated system, which contributes to unifying procedures and enhancing institutional coordination, supports the efficiency of providing government services and enhances the competitiveness of the business environment in the Emirate of Dubai.
The Council reviewed the Dubai Cashless Strategy from the Department of Finance of the Government of Dubai, with the aim of enhancing cooperation in digital payment initiatives and supporting the achievement of the goals of the “Dubai Cashless Strategy”, within the framework of unifying government efforts and accelerating the transformation towards an integrated digital transactions system.
The Council discussed supporting compliance and enhancing the readiness of free zones, in light of the coordination related to the evaluation of the Financial Action Task Force (FATF) file, to conduct a systematic assessment of the risks of money laundering and terrorist financing for all activities and legal entities, with the aim of taking diligence measures that must be completed to reduce their impact and reflection on the risks. The Dubai Economic Security Center also presented the challenges related to opening bank accounts for licensed companies. In a strategic step that reflects the simplification of procedures, work is underway to develop a system of standards to classify risks and harmonize them among the concerned parties to confront challenges with banks in the country, with the aim of strengthening institutional cooperation between the concerned parties, as this will contribute to facilitating doing business and opening bank accounts for companies, and ensuring the reduction of risks associated with these crimes.
In the context of celebrating the journey of achievement and the 40th anniversary of the establishment of the Jebel Ali Free Zone (Jafza), His Highness the Chairman of the Council and the members extended their thanks and appreciation to His Excellency Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs and Free Zone Corporation, and his work team, for the achievements achieved by the Jebel Ali Free Zone, and in consolidating Dubai’s position as a global platform for creating opportunities, and enhancing its readiness for the future, thanks to its pioneering institutions and distinguished achievements, over four decades.
It is noteworthy that the history of Jafza has been full of giving and leadership since its founding. It is considered a pioneering model and has a pivotal role in consolidating the emirate’s position as a global center for trade and logistics services, supporting economic diversification and expanding the investment base. It is also considered an essential pillar of Dubai’s development process, combining innovation, comprehensive services, and land, sea and air connectivity.
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