Dubai enhances the competitiveness of its free zones through a three-way strategic partnership

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Dubai, February 26 / WAM / The Dubai Center for Economic Security, the Dubai Free Zones Council, and Emirates NBD Bank announced the signing of a strategic memorandum of understanding aimed at setting a framework for joint cooperation in a way that contributes to facilitating the investor’s journey, enhancing the ease of doing business, and supporting the growth of the free zone system in the emirate, in line with the objectives of the Dubai Economic Agenda D33.

The signing of the memorandum was witnessed by His Excellency Faisal bin Sulaiteen, CEO of the Dubai Economic Security Centre, Dr. Juma Al Matroushi, Assistant Secretary-General of the Dubai Free Zones Council, and Marwan Hadi, Head of Retail Banking and Wealth Management at Emirates NBD Group, while it was signed by Dr. Abdullah Mohammed Al Ghafri, Executive Vice President of the Centre, Abdullah Al Banna, Chairman of the Licensing Committee in the Council, and Clyde Miranda, Head of the Retail Banking and Wealth Management Governance Group at the bank.

According to the memorandum, the signatory parties will work to develop and implement strategic initiatives that contribute to accelerating the procedures for opening bank accounts for investors, enhancing the attractiveness of free zones and consolidating their position as a main pillar of economic growth and attractive to investments.

Cooperation includes adopting and integrating advanced digital solutions and modern technologies to raise the efficiency of operations and enhance compliance with regulatory requirements in accordance with international best practices, in addition to exchanging information and supporting data to simplify the investor’s journey after establishing companies, registering and issuing licenses.