DFZ contributed 38 per cent towards Dubai’s total foreign trade in Q1 2021 Image Credit: Gulf News Archives

Dubai: The Dubai Free Zones Council (DFZ Council) aims to put its collective weight behind fast-tracking startup development.

The ‘business accelerator initiative’ will coordinate meetings with relevant entities, companies and investors, to evaluate challenges and propose solutions that can support a diversified economy. The ‘promising startups platform initiative’ aims to attract newly formed business to Dubai, especially those developing sustainable economy concepts.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Free Zones Council, lauded the role of Dubai’s free zones in creating a new trade corridor with global markets and attracting foreign direct investments during uncertain times. DFZ registered Dh135 billion in foreign trade in Q1-2021, which is around 38 per cent of Dubai’s total foreign trade.

Positive list

The UAE Cabinet recently allowed 100 per cent ownership for foreign owned businesses across sector, and that too will accelerate the turnaround for the economy. “The decision coincides with Dubai’s preparations to host Expo 2020, as it will have a strong positive impact on attracting foreign direct investment,” said Sheikh Ahmed. “Our economy presents a real example in boosting the global business community’s confidence to invest due to its flexible and secure environment, the advanced and world-class infrastructure, and high quality of life that allows global talents and investors to consider it home.”

Unified records

During the meeting, DFZ council members also reviewed the development of a unified record to integrate open data in offering government services. They 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 such information.