The DAFZA, Dubai's top freezone and FDIs, recently agreed upon a Memorandum of Understanding (MoU) with the Team of Economic Development (DED) in Dubai to permit DAFZA's hosted companies to acquire dual licenses to use across Dubai.
The MoU is consistent with intensified attempts between DAFZA and DED to aid the Dubai Government's goal of building a adaptable, diversified and knowledge-based economy powered by invention and investment.
The agreement is designed to strengthen assistance on initiatives concentrating on all aspects which are related to offering monetary support for DAFZA's zone assisted services.
Facilitating cooperation on regions of common interest that can assist in achieving the tactical goals of both people.
H.E. Dr. Mohammed Al Zarooni, Director of DAFZA, and H.E. Sami Dhaen Al Qamzi, Director of DED, were the state signatories.
The MoU seeks to improve coordination through the activities and licensing of companies working in DAFZA. Applicants must have the endorsement of the freezone first, relative to the stipulated conditions.
Under the conditions of the contract, DED may alter or add any specific or non-specific activity that is related to the licenses of entrepreneurs and companies at the mercy of the endorsement of DAFZA. Both people will work directly to increase the degrees of governance, conformity and transparency within DAFZA.
They'll also keep an eye on and inspect accredited companies to ensure their conformity with the suitable laws and regulations on various commercial activities, specially the Legislation on the Suppression of Fraud and Deception in Commercial Orders and Organizations Law .
H.E. Dr. Al Zarooni said: " DAFZA's has a leading role in improving the stream of FDIs, and the MoU complements and is consistent with our Strategies for 2017 to 2021 which models goals that support the countrywide and financial targets of our management.
We are self-confident that new licensing arrangement will add significant value to the market of Dubai and the UAE generally, as it can help attract international buyers and give a unique business experience portion the needs of companies."
H.E. Sami Al Qamzi, Director, Team of Economic Development, said: "We at the Office of Economic Development are focused on bettering our services to attain sustainable economical development and augment convenience as well as competitiveness so that businesses in Dubai can deal with constant changes and focus their time and initiatives on growth.
The contract with DAFZA is designed to streamline methods by boosting transparency in licensing freezone entities.
To be able to implement the rule of transparency in several sectors, the DED will oversee and check the certified companies to ensure conformity with the regulations related to commercial activities especially national laws."