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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. [6] This freezone was founded in Fujairah Emirate and has moved to Dubai Silicon Oasis (DSO), Dubai. [7]
The UAE has a number of free zones across Dubai, [1] Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al-Khaimah and Umm al-Quwain. Free zones may be broadly categorized as seaport free zones, airport free zones, and mainland free zones. Free-trade zone exemptions are: [2] 100% foreign ownership of the enterprise
The establishment of designated freezones in the United Arab Emirates (UAE) traces its roots to the nation's strategic vision for economic diversification.In the late 20th century, recognizing the need to reduce reliance on oil revenue, the UAE embarked on a deliberate initiative to create economic zones that would attract foreign investment, promote international trade, and foster innovation.
DMCC Free Zone is the largest free-trade zone in the UAE, with more than 21,000 registered members as of 2022. [13] [14] In 2022, DMCC was named number one global free zone for an eighth consecutive year by the Financial Times fDi Intelligence magazine. [15] [16] Aerial View of Jumeirah Lake Towers (JLT)
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 ...
The Dubai Development Authority (DDA) (Arabic: سلطة دبي للتطوير), formally known as the Dubai Creative Clusters Authority and Dubai Technology and Media Free Zone Authority, [1] [2] is a Dubai government authority that oversees the development, control, municipal, economic, and immigration functions across select free zone clusters and other communities by various master ...
See also: List of special economic zones and List of free-trade zones In special economic zones business and trades laws differ from the rest of the country. The term, and a number of other terms, can have different specific meanings in different countries and publications. Often they have relaxed jurisdiction of customs or related national regulations. They can be ports or other large areas ...
Free-trade zones are referred to as "foreign-trade zones" in the United States (Foreign Trade Zones Act of 1934), [5] where FTZs provide customs-related advantages as well as exemptions from state and local inventory taxes. In other countries, they have been called "duty-free export processing zones," "export-free zones," "export processing ...