Addressing the International Business Leaders Advisory Council forum in Shanghai
His Excellency Sultan Ahmed bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation (PCFC), said Dubai has set a leading model for the whole world in successfully developing free zones that can attract foreign investments and boost the performance of national economy, by putting in place high-end benefits for foreign businesses based at free zones.
Addressing the International Business Leaders Advisory Council forum in Shanghai, China, the day before yesterday, bin Sulayem said Dubais experience in operating free zones is in accordance with H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and Ruler of Dubais integrated vision for creating a seamless economic model in Dubai through the expansion of free zones as key contributors to the national economy drive.
H.E. Sultan bin Sulayem delivered the keynote speech at the opening ceremony of the 26th International Business Leaders Advisory Council forum, held under the auspices of Shanghai Mayor Yang Xiong in presence of free zone officials and experts around the world.
He said Dubai Government has clearly realized the significance of synergy among the worlds free zones. For this reason, the Dubai-based World Free Zones Organisation came into existence on May 2014.
The United Arab Emirates has a total of 34 free zones attracting investors from around the world. This accounts for a quarter of the 123 free zones in the Arab world. In Dubai alone, there are 23 free zones with 100 per cent ownership available to foreign investors. Dubais free zones attract nearly 50 per cent of the total direct foreign investments in the emirate, he added.
The Chairman of PCFC underscored that Jebel Ali Free Zone (JAFZA) is one of the most vibrant free zones worldwide, as it presently houses over 7,100 companies from over 100 countries. JAFZA accounts for over 58 per cent of the total direct foreign investments in Dubais free zones, distributed over wholesale and retail trade, manufacturing industries, transportation, storage and communications.
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