Invest UAE: Free zones fast-track the UAE’s economic growth and diversification

UAE free zones are driving economic growth with strategic incentives, streamlined regulations, and advanced infrastructure. At Invest UAE, industry leaders highlighted their role in supporting start-ups, SMEs, and innovation, accelerating the UAE’s transition to a diversified, future-ready economy.

During an exclusive panel, Leveraging Free Zones for Investment Growth, Rashid Sahoo, Director of Operations at Sharjah Media City (Shams) spoke about the launch of an ambitious initiative spearheaded by Shams. Aiming to position the emirate as a hub for film production and creative industries, the project is expected to be a game-changer for the UAE’s media sector.

Drawing parallels to Hollywood and Bollywood, Sahoo introduced the initiative which he tentatively referred to as ‘Sharjahwood’, a vision he said could transform the UAE’s entertainment industry.

Sahoo’s announcement of Chance Production, Shams’ state-of-the-art media production hub, was met with enthusiasm. The project, which kicked off last month, is designed to cater to the growing global demand for cinematic content.

 Sahoo revealed that the project incorporates advanced technologies and will ensure that the facilities meet the highest standards of the global media industry.

While the idea of a media production hub is not entirely new, Sahoo stressed that the new project is tailored to the UAE’s unique context. “We are building on proven models from around the world but adapting them to fit our region’s strengths,” he said.

Beyond the cinematic sector, the panel explored how free zones contribute to the UAE’s broader economic ambitions. Panelists included Zubair Makhdoomi, Sales Director at the Free Zones Authority of Ajman, Mustafa Shaker, Sales Director at RAKEZ, Fatma Amiri, Government Relations Manager at Meydan Free Zone, and Rashid Sahoo from Shams.

Shaker highlighted the UAE’s ambitious growth trajectory, noting that the ecosystem aims to host 300,000 companies by 2025, with free zones accounting for half of this growth. “The UAE is a launching platform that provides accessibility not just to the local ecosystem but to the GCC and the globe,” he said.

Makhdoomi emphasized the evolution of free zones over the past three decades. “Free zones have played a vital role in the UAE’s economic success, and this model is now being adopted globally,” he added.

Amiri highlighted Meydan Free Zone’s focus on high-growth sectors such as e-commerce, management consultancy, and general trading. “Meydan Free Zone is committed to supporting these industries through tailored solutions and world-class infrastructure,” she said.

The panel also discussed the UAE’s commitment to digital transformation, particularly in streamlining business setup processes. Makhdoomi shared how the Free Zones Authority of Ajman has implemented a one-click license issuance system, reducing the time to issue a license to less than five minutes. “COVID-19 accelerated our digital transformation, and today, we are focused on making the investor journey as seamless as possible,” he said.

Shaker echoed this sentiment, emphasizing RAKEZ’s digitization mandate. “Every three months, we set milestones to remove physical steps and enhance our digital offerings. Investors can now open a company in the UAE from anywhere in the world,” he noted.

Sustainability emerged as a key theme, with panelists outlining initiatives to support the UAE’s goal of achieving carbon neutrality by 2050. Shaker highlighted RAKEZ’s support for green industries, including a company that refurbishes laptops for global clients. “70% of their clients are from Europe, the US, and Asia, showcasing the global demand for sustainable products,” he said.

The panelists underscored the importance of collaboration between SMEs and larger firms within free zones. Makhdoomi emphasized the role of matchmaking events in fostering partnerships. “We have a pool of 17,000 customers, and we actively facilitate connections to help new entrants integrate into the UAE’s business ecosystem,” he said.

Looking ahead, Sahoo highlighted the need for continuous adaptation to technological advancements, particularly in artificial intelligence. “The UAE’s significant investments in technology assure us that we are well-prepared for the future,” he said.