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Decree No. 18 of 2024 formally integrates One Za’abeel into the Dubai World Trade Centre Authority’s Free Zone Image Credit: Supplied

Dubai: Dubai World Trade Centre Authority (DWTCA) has expanded its free zone jurisdiction to include One Za’abeel. The expansion was formalised with the enactment of Decree No. 18 of 2024, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai.

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The decree integrates One Za’abeel into the Dubai World Trade Centre Authority’s Free Zone, granting companies and organisations within the mixed-use development access to a host of advantages provided by the Free Zone, DWTCA said in a statement on Wednesday. These benefits include 100 per cent foreign ownership, exemption from customs duties, dual-licensing opportunities, zero per cent Corporate Tax, simplified procedures for visas and permits, and other flexible office solutions.

Developed by Ithra Dubai, a wholly owned subsidiary of the Investment Corporation of Dubai (ICD), One Za’abeel is a mixed-use two-towers project with a horizontal connection housing one of the world's largest cantilevers.

Issam Galadari, Director of One Za’abeel Holdings, said, “One Za’abeel stands at the intersection of Dubai’s busiest business and commercial hubs. Its strategic location, established digital infrastructure, efficient user experiences, and commitment to intelligence and sustainability defines the luxurious icon as a focal point for enterprise and prosperity.”

Khaled Al Fahim,-VP-of-Asset-and-Investor-Management-at-DWTC,-Issam-Galadari,-Director-of-One-Za’abeel-Holdings,-Abdalla-Al-Banna,-VP-of-Free-Zone-Regulatory-Operations-of-DWTC-Authority
(From left to right) Khaled Al Fahim, VP of Asset and Investor Management at DWTC, Issam Galadari, Director of One Za’abeel Holdings, Abdalla Al Banna, VP of Free Zone Regulatory Operations of DWTC Authority Image Credit: Supplied

Galadari said, “Becoming a part of the Dubai World Trade Centre Authority’s Free Zone further benefits the tenants of One Za’abeel The Offices and its forthcoming retail Podium, offering them continued opportunity to grow and solidify their presence in this thriving business community.”

One Za’abeel’s developer ICD – the Dubai-based wealth fund – generated Dh60.8 billion as net profit last year, its highest ever. The group, also the owner of Emirates Group and Emirates NBD, generated record revenues of Dh310.2 billion, up 16 per cent with an increase of Dh42.8 billion compared to the prior year. A company statement explained that this was driven primarily by higher passenger traffic in transportation, asset growth, and higher interest rates in banking and financial services.

The company's net profit attributable to the equity holder was Dh50.3 billion, up 69 percent, according to its earnings statement, also issued on Wednesday.

Abdalla Al Banna, VP of Free Zone Regulatory Operations of Dubai World Trade Centre Authority, said, “Expanding our jurisdiction to include One Za’abeel as part of the Free Zone reinforces our position as a hub for commerce and enterprise in the heart of Dubai’s Central Business District and directly benefits businesses and SMEs that are integral to accelerating the goals of Dubai's Economic Agenda D33”.

One Za’abeel

One Za’abeel The Offices is home to 26,000 sqm (280,000 sq ft) of office space, amenities, and services.

Located across 17 levels of the development, The Offices offer tenants access to retail, dining, hospitality, and other services. One Za’abeel’s retail Podium will open its doors later this year. DWTCA’s Free Zone tenants include Fortune 500 companies and SMEs.

“Home to companies across over 40 diverse sectors, DWTCA is committed to a seamless business set-up experience for every tenant. This is enhanced by a unique market proposition with a key focus on offering tailor-made services to meet wide-ranging tenant requirements,” it said in a statement.