07 Nov Residence in Dubai
Residence in Dubai Recent years have witnessed a proliferation of free zones, which are carried out by a variety of government and private institutions. Its work is linked to the investment law in the country. These free zones aim to serve the economy in general in any of the various fields of industrial activities, as well as some areas of service activities and their executive regulations. The UAE leads the global free zone trade.
Dubai is the leading emirate in including the concept of free zones. Today, it embraces 24 free zones specialized in various fields
According to the Dubai Free Zones Council , the 24 free zones in the emirate accounted for 31.9% of Dubai’s GDP.
The volume of exports from free zones in the UAE as a whole amounted to 225.5 billion dirhams, a growth rate of 6.6 percent compared to last year.
The data issued by the Dubai Free Zones Council revealed that trade in the free zones amounted to $107 billion during the period covered by the study. Therefore, free zones are considered an essential economic hub, a home for foreign direct investment, and a starting point for expansion and prosperity in the coming years.
With today’s pace accelerating, free zones have turned into more than just places to facilitate the chain of service and investment operations, but rather the development of their role all over the world as competitive business models.
The customs laws applied in the free zones differ from those applied to the establishments operating in the geographical areas of the development departments’ systems
The free zones attract a wide list of decision makers in the international investment community, business leaders, regional and international investors in order to invest in Dubai , entrepreneurs, prominent academics and financial experts who offer the latest information and strategies on attracting foreign direct investment. According to the Dubai Customs website, The company is permitted, or institution, or the existing and licensed factory in the free zones to import goods or equipment to the free zones from a foreign country without paying customs duties, It can also be stored for an indefinite period. according to the type of goods, And the validity of the free zone license
Dubai has strengthened its reputation as the most important commercial center in the Middle East and North Africa region. Data revealed that the total volume of trade in the city’s free zones increased by 22%.
Free zones in Dubai have long been a magnet for international investors to set up a company in Dubai for Gulf nationals, including multinationals attracted by the tax-free status and 100% foreign ownership rights.
High profile entities include Jebel Ali Free Zones, Dubai International Financial Center and Dubai Airport Free Zones.