Earlier this year, Dubai launched an ambitious plan to double the size of the economy with a target of reaching Dh32 trillion ($8.71 trillion) by 2033. How could free zones play a role in driving Dubai’s economy?
Dubai’s free zones play a critical role in consolidating the UAE’s position as a preferred investment destination across a spectrum of industries and specializations. In doing so, our sector helps build a dynamic economy that can achieve sustainability, accelerate growth, and transform challenges into opportunities.
Free zones have been an integral contributor to the growth of Dubai. Being the first emirate in the UAE to pioneer the free zone model, Dubai’s Free Zone sector developed from a single entity in 1985 to more than 20 jurisdictions that presently provide over AED 167 billion in economic value and an expected increase to about AED 250 billion by 2030.
Dubai’s free zones play a critical role in consolidating the UAE’s position as a preferred investment destination across a spectrum of industries and specializations. In doing so, our sector helps build a dynamic economy that can achieve sustainability, accelerate growth, and transform challenges into opportunities.
As one of the leading free zones in Dubai, how does IFZA support SME investors?
SMEs make up a significant portion of the UAE economy. They account for 94% of the businesses currently operating in the country, underscoring their crucial role as the backbone of the nation’s economic activity.
IFZA’s most important distinguishing feature is our dedication to developing a community where SMEs are motivated to create and inspired to succeed. Our Free Zone ecosystem is comprised of a growing range of products and services, including commercial real estate and fit-out, medical insurance, corporate banking support, professional training, events services, shared services and so much more. As the needs of SMEs change, IFZA is committed to evolving along with the times.
What does IFZA aim to achieve in the coming years?
Looking back at what we have achieved over the first five years, I am determined to say that we are simply at the beginning stage of realizing our full potential.
IFZA continues to live up to our calling as a dynamic and truly international Free Zone community. We have already put into place several plans to strengthen not only our international presence but, more importantly, our global partnerships.
Finally, IFZA is the title sponsor of the 2023 Annual International Conference & Exhibition (AICE). How does this event help drive the competitiveness of UAE-free zones?
One of the key priorities of the Dubai Economic Agenda D33 is to make Dubai one of the top three international destinations for tourism and business. Events such as the Annual International Conference and Exhibition (AICE 2023) place Dubai in a leadership role as a facilitator of global discussions on the trends and developments in international trade, logistics, and investment. It is only by working together and learning from one another that we can truly take the next leap forward.
