Free-trade zones in Dubai, (FTZs) are special economic zones set up with the objective of offering tax concessions and customs duty benefits to expatriate investors. There are 26 Free Zones operating in Dubai. FTZs in Dubai and the UAE are governed pursuant to a special framework of rules and regulations. A Free Zone Authority offers business licenses to foreign-owned businesses. Each Free Zone is designed around one or more industry categories and only offers licenses (e.g. for a Free Zone Enterprise (FZE)), to companies within those categories. Most of the free zones in Dubai broadly offer trading, services, and industrial licenses to investors looking to set up their businesses.
Free zones in Dubai are managed and operated by the relevant authority. For instance, the Jebel Ali Free Zone Authority in Dubai is responsible for managing, operating and supervising the Jebel Ali Free Zone, one of the largest seaport free zones in Dubai. It has a subsidized rate of 32 percent on the country's Foreign Direct Investment (FDI). As for other Free Zones in Dubai, the Dubai Multi Commodities Centre (DMCC) has 7,330 active registered companies (as per 2013), offers a retention rate of 94 percent, and estimates an application of over 200 companies every year. [1] the Dubai International Financial Centre (DIFC) is another jurisdiction demonstrating the growth of expansion. It contributes 12 percent to the GDP of Dubai and has an estimated a growth rate of 27 percent (as per 2015). [2] The authorities speculate that the region will triple in size by 2024. [3] 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. [6] This freezone was founded in Fujairah Emirate and has moved to Dubai Silicon Oasis (DSO), Dubai. [7] Meydan Free Zone [8] is the one of the most thriving commercial free zones in the UAE and offers over 1500 activities under their various activity groups. Out of all Free Zones, Meydan Free Zone is the one of the most thriving commercial free zones in the UAE and offers over 1500 activities under their various activity groups.
There are more than 20 Free Zones operating in Dubai, which include the following:
Dubai is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the country's seven emirates. Founded in the 1800s as a fishing village, Dubai has emerged as a major center for regional and international trade since the early 20th century and early 21st centuries with a focus on tourism and luxury. It is the city with the second-most five-star hotels in the world and the tallest building in the world, the Burj Khalifa, which is 828 metres (2,717 ft) tall. In the eastern Arabian Peninsula, on the coast of the Persian Gulf, it is a major global transport hub for passengers and cargo. Oil revenue helped accelerate the development of the city, which was already a major mercantile hub.
Dubai World Trade Centre (DWTC) is a convention and exhibition centre.
The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering 110 ha, established in 2004 as a financial hub for companies operating throughout the Middle East, Africa, and South Asia (MEASA) markets.
Nasdaq Dubai is a Dubai-based stock exchange that lists regional and international shares in the Middle East. Through the exchange, regional issuers can access regional and international investment. International issuers can access investment from the region, through a primary or dual listing.
Dr. Omar Bin Sulaiman is the chairman of the OBS Group, a privately held diversified group with operations across the Middle East and emerging markets.
Ras Al Khaimah Free Trade Zone is a special economic zone in Ras Al Khaimah. RAK FTZ is around an hour drive from Dubai.
The economy of Dubai’s gross domestic product of the calendar year 2023 as of January 2024 is AED 429 billion. Dubai has substantially transformed over the last couple of decades. More than 90% of the population are foreigners.
The government of Dubai took a decision to diversify from a trade-based, oil-reliant economy to one that is service and tourism-oriented. This has made real estate and other developments more valuable, thus resulting in a property boom from 2004 to 2006. Construction on a large scale has turned Dubai into one of the fastest-growing cities in the world. There are a number of large-scale projects which are currently under construction or are to be constructed in the future. Due to the heavy construction which is taking place in Dubai, 30,000 construction cranes, which are 25% of cranes worldwide, are operating in Dubai. Due to the burst of construction, Dubai has acquired various building-related records, which include: the world's tallest tower, the world's largest shopping mall, the world's largest fountain and the world's tallest hotel. Also under construction is Dubailand, which will be almost twice the size of the Walt Disney World Resort.
Ajman Free Zone (AFZA) is a free trade zone and one of the designated freezones located in Ajman, United Arab Emirates (UAE). First established in 1988, it is one of a number of unbonded free zones in the UAE offering offshore company setup and operation to investors. As of Q1 2018, 12,362 companies operated out of AFZA.
Dubai Meydan City is a new development under construction in the Ras Al Khor area of Dubai, UAE. The project was launched on the eve of the 2007 Dubai World Cup. The entire development will cover more than 40,000,000 square feet (3,700,000 m2) GFA on a land size of around 15,000,000 square feet (1,400,000 m2). Meydan city is expected to be completed in 2020, while Meydan Racecourse officially opened on 27 March 2010. The development includes hotels, sky-bubble restaurant, entertainment, clubs, a concourse plaza, IMAX movie theater, towers and a boat-house.
There are many tourist attractions in Dubai, resulting from the large scale construction boom. Dubai received 14 million tourists from all around the world in 2015. Euromonitor ranked the world's 150 most visited cities by international tourists in 2009; Dubai ranked 7th. Dubai welcomed 14.36M visitors in 2022. Dubai's economy relies on many sections of the "state", one of the most important being tourism, in 2014 total 70,475,636 passengers traveled through Dubai Airport.
The Dubai Multi Commodities Centre (DMCC) is a commodities exchange and free-trade zone in the United Arab Emirates. It is located in the Jumeirah Lake Towers district of Dubai. The DMCC was created in 2002 and deals in four main sectors: precious commodities ; energy; steel and metals and agricultural commodities.
Dubai Airport Freezone is a designated free economic zone in Dubai, United Arab Emirates, providing company formation and business setup services in Dubai. DAFZ is home to more than 2,000 registered businesses from over 20+ sectors and various industries, with 20,000+ professionals.
The Dubai Financial Services Authority (DFSA) is the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC), in Dubai, United Arab Emirates. It is distinct from the UAE's federal Securities and Commodities Authority, whose jurisdiction covers the wider UAE outside the boundaries of the DIFC. It operates only within the special economic zone and is tasked with providing a regulatory environment of international standards.
United Arab Emirates corporate law regulates the governance, finance and power of corporations in the United Arab Emirates (UAE) through UAE law. Every emirate has its own basic corporate code.
The judicial system of the United Arab Emirates is divided into federal courts and local courts. The federal justice system is defined in the Constitution of the United Arab Emirates, with the Federal Supreme Court based at Abu Dhabi. As of 2023, only the emirates of Abu Dhabi, Dubai and Ras Al Khaimah have local court systems, while all other emirates use the federal court system for all legal proceedings.
Citibank National Association, United Arab Emirates commonly known as Citibank U.A.E., is a franchise subsidiary of Citigroup, a multinational financial services corporation headquartered in New York City, United States. Citi U.A.E. is connected by a network spanning 98 markets across the world. The phone support call center for Citibank U.A.E. retail banking clients is based at Citibank Bahrain.
Siddharth Balachandran is an Indian-born UAE-based entrepreneur, investor and philanthropist. He is the executive chairman and CEO of Buimerc Corporation, an investment holding company headquartered in Dubai International Financial Centre (DIFC). In 2023, he was awarded the Pravasi Bharatiya Samman Award (PBSA) for his contributions in the field of business and community welfare by the President of India Droupadi Murmu, the highest Indian award for Non-resident Indian and Overseas Citizen of India.