UAE’s Dubai Free Zones Council (DFZ Council) has discussed opportunities to attract Emirati talent to free zones as well as other topics related to the business sectors that operate within Dubai’s free zones.
The DFZ Council also discussed an action plan to support Dubai’s dynamic economy, which consistently tops various economic and investment indices.
Exceptional initiatives
Her Highness Sheikh Ahmed bin Saeed Al Maktoum said the council is committed to its role as a driving force for Dubai’s economic development towards a comprehensive economic ecosystem in line with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
“The vision reflects directly on enhancing Dubai’s status as a global investment destination and a model for complementary specialized economic free zones serving different sectors, hence enhancing trade of companies in free zones across the emirate,” he said.
Banking facilities for SMEs
In collaboration with the UAE Banks Federation, council members discussed ways to make opening business bank accounts easier for SMEs based in Dubai’s free zones, especially those experiencing difficulties. As part of Dubai’s strategy to become an even more attractive global destination for investors and entrepreneurs, these facilities align with the city’s efforts to make doing business easier.
Employee workplace savings plans for ex-pats
A DIFC representative briefed the DFZ Council members on DIFC’s Expat Workplace Savings Program. DIFC’s team provided details on expected revenue from creating such a program in free zones and urged council members to take advantage of its economic benefits, pointing out that such programs play a significant role in supporting the economy.
Attracting investments for the future
Dubai’s status as one of the most active economic and investment hubs globally led council members to discuss circulating the International Standard Industrial Classification of All Economic Activities (ISIC) revision 4, an international standard classification system for economic activities. This system’s main purpose is to collect and report accurate and transparent statistics about activities in Dubai. ISIC Rev. 4 will raise the UAE’s ranking in the Ease of Doing Business Index, as well as provide a unified system of data for all relevant authorities, ensuring compliance with local classifications and requirements of international bodies such as the Financial Action Task Force (FATF).
Source: Dubai Free Zones Council discusses facilitating opening business bank accounts – News | Khaleej Times