Dubai Free Zones Council members reach preliminary agreement on the One Free Zone Passport initiative, Arabian Business reports.
Members of the Dubai Free Zones Council (DFZ Council) have reached a preliminary agreement on a new initiative to make it easier for companies to operate in multiple free zones.
At its 12th meeting, members said they have agreed the One Free Zone Passport initiative, which allows companies licensed at a single free zone to also operate in other free zones in Dubai without the need for a second licence.
The meeting, headed by Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Civil Aviation Authority and chairman, CEO of Emirates Airline and Group, also appointed a team to work on its e-commerce initiative, a statement said.
Sheikh Ahmed said: “The DFZ Council aspires to position Dubai as a regional driver of sustainable economic growth, as well as a reference point for forecasting the future in various fields, including education and innovation, while reflecting the outcomes of the Fourth Industrial Revolution. Following the directives of the UAE’s visionary leaders, we have completed a study on our e-commerce initiative and look forward to constructive feedback from the Executive Council of Dubai.”
The council also recommended to conduct market research on optimal ways of supporting the halal industry, a study on sharing Dubai’s best practices in establishing free zones abroad, and a comprehensive assessment of industry-focused free zones.
Members also endorsed a recommendation to implement the requirement of an insurance policy instead of a bank guarantee for free zone-based companies. In addition to safeguarding employee rights, this will boost liquidity for the companies and attract greater investment capital, the statement added.