The Dubai Airport Freezone Authority (DAFZA) recently signed a Memorandum of Understanding (MoU) with the Department of Economic Development (DED) in Dubai, to allow DAFZAs hosted companies to obtain dual licenses to operate across Dubai. The MoU is in line with intensified efforts between DAFZA and DED to support the Dubai government’s goal of establishing a diversified and flexible knowledge-based economy driven by innovation and investment.
The agreement aims to strengthen cooperation on initiatives targeting all aspects related to providing economic support for DAFZAs main services. It will also facilitate collaboration on areas of common interest that help achieve the strategic objectives of both parties. HE Dr Mohammed Al Zarooni, director-general of DAFZA, and HE Sami Dhaen Al Qamzi, director-general of DED, were the official signatories.
The MoU aims to enhance coordination through the licensing and activities of companies operating in DAFZA. Applicants must obtain the approval of the freezone first, in accordance with the stipulated conditions.
Under the terms of the agreement, DED may modify or add any activity related to the licenses of companies subject to the approval of DAFZA. Both parties will work closely to improve the levels of governance, compliance, and transparency for businesses working within DAFZA. They will also monitor and inspect licensed companies to ensure their compliance with the applicable laws on various commercial activities, particularly the law on the Suppression of Fraud and Deception in Commercial Transactions, the Consumer Protection Law, the Commercial Transactions Law, and Commercial Agencies Law.
Dr Al Zarooni of DAFZA said: The MoU complements DAFZAs leading role in increasing the flow of FDIs, and is in line with our strategic plan for 2017 to 2021 which sets goals that support the national and economic objectives of our wise leadership, as well as the ambitious strategic targets of the Dubai Government. We are confident that this new licensing agreement will add significant value to the economy of Dubai and the UAE in general, as it will help attract international investors and offer a unique business experience serving the best interests of companies operating within the freezone.
Sami Al Qamzi of DED said: We at the Department of Economic Development are committed to improving our services to achieve sustainable economic development, and enhance competitiveness as well as convenience, so that businesses in Dubai can cope with continuous changes and concentrate their time and efforts on growth. The agreement with DAFZA aims to streamline procedures, by diversifying the service channels of our department and enhancing transparency in licensing free zone entities. In order to implement the principle of transparency in the retail sector, the DED will supervise and inspect the licensed institutions to ensure compliance with the laws related to commercial activities, especially federal laws, particularly the anti-commercial fraud law, consumer protection, commercial transactions, and on commercial agency.
Al Qamzi added that DED will continue to develop Dubais business environment to remain competitive in line with the Emirates world-class infrastructure:We are guided by the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE vice-president, and Prime Minister and Ruler of Dubai, to make Dubai a preferred place to live, work, and visit, as well as a smart and sustainable city and a pivotal hub of the global economy by 2021.”
The MOU signing ceremony concluded with a tour of the DAFZA Square for the DED delegates. The group visited the squares modern facilities, such as the new business centre and auditorium equipped with state-of-the-art technology and equipment to provide a unique quality experience for the freezones investors.
At the end of the tour, Dr Zarooni and Al Qamzi visited GE Aviation’s Middle East Aerospace Technology Centre, which provides data analysis, bandwidth, and software capabilities to increase productivity and reduce downtime for dealers using Predix, the cloud-based software platform for all of GE’s industrial Internet applications. Launched in November 2015, the centre is contributing to upgrades on General Electric systems and engines from DAFZA, and plays a major role in supporting GEs customers and products in the region.