The Dubai Airport Freezone Authority (DAFZA) has launched a new strategy to help attract more foreign direct investments (FDIs) to the sectors and support the Dubai – Capital of Islamic Economy initiative.
Under the directive of Sheikh Ahmed bin Saeed Al Maktoum, chairman of DAFZA, the DAFZAs Strategy for Islamic Economy is based on strategic initiatives involving the Islamic economy and halal sectors. It consists of three main directions and 20 strategic initiatives that will be implemented within the coming five years to help achieve the vision of making the Islamic economy more added value and competitive advantage to DAFZA.
Sheikh Ahmed affirmed his belief in DAFZAs high level of competitiveness which ensures the best results in all the freezones practical works to enable it to become among the most advanced freezones in the world. He emphasised the importance of the strategy in view of the rapid local and global growth of the Islamic economy, especially after the UAE was ranked first in the Arab World and second globally in the Global Islamic Economy Indicator.
Dr Mohammed Al Zarooni, director general of DAFZA, said: “In the next five years, the DAFZAs Strategy for Islamic Economy will enhance the role of the freezone as an effective partner in achieving the UAEs aspiration of becoming a leader in all fields and categories. We are proud of our achievements over the past years and we look forward to a promising future that reinforces DAFZA’s position as a leading hub for business, trade and investment.”
He added: “We are also eager to remain a key player in the development of the national economy and the Islamic economy in particular which has become a central sector within Dubais economy. The Islamic economy promises prosperity and growth for investors and will positively influence the GDP of the emirate. The Islamic economy is becoming increasingly important due to the high demand for Sharia-compliant products and services. By launching this new strategy, DAFZA aims to broaden its role in the development of the Islamic economy sector, which conveys all the elements of success and growth of various economic sectors.”
After conducting a comprehensive study on the requirements of the Islamic economy market, DAFZA built the strategy based on three main directions for the next five years. The first will focus on two key initiatives: creating a new source of revenue growth for DAFZA by attracting investors in the Halal sector, and providing adequate support for existing customers that intend to enter the sector.
The second will emphasise DAFZA’s role as a major motivator for the growth of the Islamic economy and the local Halal sector in Dubai by developing ten initiatives that fully support existing and new investors seeking to expand their business and invest in the Islamic economy. The third and final direction will involve eight initiatives that support the establishment of a Halal ecosystem capable of attracting leading companies in Halal industries that include food, fashion, pharmaceuticals, and cosmetics, among others.
Dafzas Strategy for Islamic Economy aims to attract more FDI into the Islamic economy to help the sector increase its revenues and double its contribution to Dubais GDP. The strategy is expected to attract more than 40 new investors in various sectors of the highly promising Islamic economy. A report issued by the Dubai Islamic Economy Development Centre covering the period from 2016 to 2017 estimates the global worth of the Islamic economy at $1.9tn. The strategy will help place DAFZA at the forefront of global freezones that support this economy.
DAFZAs strategy has various initiatives covering all aspects of the Islamic economy, including Sharia-compliant initiatives and others related to e-commerce and the Islamic economy. It also covers various initiatives that will define the future of the Islamic economy in the UAE and Dubai and will encourage Halal industries to follow its standards and encourage multinational companies to enter and invest in the Halal sector as well.
In addition, DAFZA will explore investment opportunities within high-priority markets that exported Halal products to the UAE in 2015 such as Singapore, India, France, the Netherlands, Italy, Britain, Germany, America, Turkey, China, Saudi Arabia, and Oman.