Dubai Free Zones Council Explores Business Accelerator Initiatives and Startups Support

Dubai Free Zones Council Explores Business Accelerator Initiatives and Startups Support

27 July 2021

The Dubai Free Zones Council (DFZ Council) headed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, discussed in its latest meeting the strategic initiatives that support Dubai-based startups and SMEs, to boost Dubai’s status as a preferred destination for foreign direct investment and innovation.

The council registered AED135 billion in foreign trade in Q1 2021, approximately 38 percent of Dubai’s total foreign trade, which reflects the role of Dubai’s free zones in creating a refreshing trade corridor with global markets and attracting foreign investments even during COVID-19 implications.

DFZ Council highlighted the Cabinet’s recent decisions concerning the list of economic sectors and activities eligible for foreign direct investment and their ownership percentage, as well as the simplified process of starting business in the UAE, hailing these decisions as they create a surge of attractive opportunities for talent, expertise, and innovative ideas from around the globe.

His Highness Sheikh Ahmed said: “The decision coincides with Dubai’s preparations to host Expo 2020 Dubai, the largest global event of its kind, as it will have a strong positive impact on attracting foreign direct investment. Our economy presents a real example in boosting the global business community’s confidence to invest due to its flexible and secure business environment, the advanced and world-class infrastructure, and high quality of life that allows global talents and investors to consider it home.”

DFZ Council members also reviewed the Business Accelerator Unit initiative, which coordinates meetings with relevant entities, companies, and investors, to evaluate challenges and propose innovative solutions that support a diversified, sustainable economy. In contribution to achieving the fastest economic recovery globally, they refer to local and international success stories across business sectors and innovate action plans to accelerate business establishment and development across different stages of the value chain, positioning Dubai as a preferred destination for business and innovation.

Dubai SME representatives also presented the Promising Startups Platform initiative in detail, aiming to attract startups to Dubai, especially those developing unique, sustainable economy concepts, in collaboration with an integrated network from 15 countries.

 DFZ Council members also reviewed an initiative to link free zone employees with the Unified Registry of Dubai Government Employees, which was recently created to be the sole official source of information on Dubai Government employee data and a classification system to ensure the accuracy and reliability of the data. The unified database will be a certified source detailing the unique capabilities and skillset available in different specialties across participating entities.

Source:

Government of Dubai – Media Office

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