The Dubai Free Zones Council held its thirty-third meeting under the chairmanship of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council. The meeting reviewed several priority topics related to enhancing government efforts integration, developing the business environment in free zones, and increasing regulatory readiness to meet the requirements of the next phase.
During the meeting, attended by Major General Mohammed Ahmed Al Marri, Director General of the Dubai General Directorate of Residency and Foreigners Affairs, the council discussed ways to enhance cooperation within the framework of supporting efforts integration and facilitating business operations in free zones, which contributes to improving the investor experience and increasing the efficiency of procedures.
The council commended the integrative partnership in a number of initiatives aimed at regulating the labor sector, simplifying policies and procedures related to the sector and entry permits, including the 'events visa' initiative, which benefited major companies operating in free zones.
The council highlighted the significant positive impact of deploying 71 employees on a 24/7 basis within the free zones, which is a key factor in accelerating transaction completion and streamlining operational requirements, thereby supporting business continuity and enhancing service readiness levels.
Furthermore, the council discussed a proposal to create a unified platform to serve all free zones within an integrated system, which would help unify procedures and enhance institutional coordination, as well as improve the efficiency of government service delivery and boost the competitiveness of Dubai's business environment.
The council was briefed on Dubai's non-cash strategy by the Dubai Government's Finance Department, aiming to enhance cooperation in digital payment initiatives and support the achievement of the 'Dubai Non-Cash Strategy' goals, within the framework of unifying government efforts and accelerating the shift towards a fully integrated digital transaction system.
The council discussed supporting compliance and enhancing the readiness of free zones, in light of the coordination related to the evaluation of the Financial Action Task Force (FATF) file, to conduct a systematic assessment of money laundering and terrorism financing risks for all activities and legal entities, with the aim of taking necessary due care measures to limit their impact and reflection on risks. Additionally, the Dubai Economic Security Center presented the challenges related to opening bank accounts for licensed companies.
In a strategic move reflecting procedural simplification, work is underway to develop a system of standards for risk classification and their alignment among stakeholders to address challenges with banks in the country, aiming to enhance institutional cooperation between concerned parties. This will contribute to facilitating business operations and opening bank accounts for companies, and ensure the limitation of risks associated with these crimes.
In celebration of the journey of achievements and the 40th anniversary of the establishment of the Jebel Ali Free Zone (JAFZA), His Highness the Council Chairman and members expressed their gratitude and appreciation to Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation, and his working team for the achievements made by the Jebel Ali Free Zone, and for cementing Dubai's status as a global platform for creating opportunities and enhancing its future readiness, thanks to its leading institutions and outstanding achievements over four decades.
It is worth noting that the history of JAFZA has been marked by generosity and leadership since its inception, and it stands as a leading model and plays a pivotal role in cementing the emirate's status as a global hub for trade and logistics services, supporting economic diversification, and expanding the investment base. It also serves as a cornerstone of Dubai's development journey, combining innovation, comprehensive services, and land, sea, and air connectivity.
