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Federal Law No. (1) for the year 2003 A.C. regarding establishment of the Federal Customs Authority (FCA) in the UAE defined the primary Functions and responsibilities of FCA on the basis that it is the authority concerned with drawing customs policy in cooperation with customs administrations, preparing unified legislations to regulate customs work, and supervising implementation of it by ...
Others include the Dubai Airport Freezone (DAFZA; the Dubai internet City; and the Dubai Media city. [4] In April 2021 Dubai CommerCity launched, a free zone dedicated to e-Commerce. [5] The International Free Zone Authority (IFZA) is one of the most cost-effective and fastest-growing free trade zone in Dubai.
The Microsoft sign at the entrance of the Dubai Microsoft campus, Dubai Internet City Dubai Maritime City, Dubai under construction in 2008. A free zone authority is a designated economic area governed by its own set of regulations, which differ from those applicable to businesses outside the zone.
Dubai Flower Centre was developed to handle flower imports and exports, as Dubai is a major hub for the import and export of flowers and the airport required a specialist facility since these products need special conditions. The flower centre's first phase was completed in 2004 at a cost of $50 million.
Trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example of this is the import of labor-intensive goods by the United States from China. Instead of importing ...
DAFZ was established in 1996. It came into being as a part of the Dubai government's strategic plan to make Dubai an investment-driven economy. Today, it is one of the fastest-growing and pioneering free zones in the region, contributing to around 4.7 percent of Dubai's gross domestic product) It allows international investors a completely duty-free business setup and execution of services ...
In contrast, Finland imported crude oil from the Soviet Union as part of bilateral trade between these two countries and refined the oil for export to other Western European countries but this was not re-exportation because the crude oil was refined before selling. Dubai has emerged as the major re-export center for the entire Middle East region.
On the 1 May 2002, Crown Prince Mohammed bin Rashid Al Maktoum issued a royal decree to establish the Dubai Multi Commodities Centre (DMCC) as a center for commodities trading. [5] Further regulations were issued through decrees that clarified the DMCC's status as an independent authority and exempted companies operating in the free-trade zone ...