Volume # 06 | June, 2015

UAE Freezones Biz News Updates

Dubai World Trade Centre becomes a free zone

Move is part of a new law and series of decrees issued by Sheikh Mohammad

A view of Dubai World Trade Centre in Dubai

Dubai World Trade Centre (DWTC) was established as a free zone on Monday as part of a new law and series of decrees issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai.

Law No (9) of 2015 establishes DWTC “as a free zone subject to supervision” of the Dubai World Trade Centre Authority (DWTC), which was also established under the law, according to emailed statement from the government of Dubai. Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has been appointed as Chairman of the Authority under Decree No (11) of 2015.

The new law was established to boost regional and international exhibition’s and conferences in the emirate and to attract local and international investments and “hosting commercial and trade establishments,” according to the statement. DWTC includes the Dubai International Convention and Exhibition Centre, which already hosts a number of regional exhibitions.

The DWTC zones “include free zones and districts managed and supervised by” DWTCA, which include the DWTC, underdeveloping facilities and the Dubai World Trade Centre at Jebel Ali, according to the statement.

DWTCA will be an affiliate of Investment Corporation of Dubai as an incorporated public body with financial, administrative and legal independency, according to the statement. Investment Corporation of Dubai is the emirate’s sole sovereign wealth fund.

The DWTCA will be responsible for “establishing, developing and managing infrastructures and administrative services inside Dubai World Trade Centre.” It will also define business activities, approve the “general plan for DWTC’s zones, licensing, organising and overseeing construction works in Dubai World Trade Centre, registering and licensing companies in DWTC’s free zone and defining and collecting registration and licensing fees in addition to other authorities and capacities.”

The DWTCA can establish companies, invest in those companies, buy and rent assets and coordinate with other free zones “to facilitate the activities of DWTC’s companies.”

Helal Saeed Al Marri, Director General of Dubai Department of Tourism and Commerce Marketing (DTCM), has been appointed as Director General of the DWTCA under Decree No (25) of 2015 that was issued by Shaikh Mohammad. Al Marri will retain his position at DTCM; however, no mention was given of his position as Chief Executive Officer at DWTC.

Shaikh Ahmad Bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman and CEO of Emirates airline and Group, has been appointed as Vice-Chairman of DWTCA and Butti Saeed Al Kindi as Second Vice-Chairman. The board members are Ziad Abdulla Galadari, Abdullah Mohammad Rafee, Khalifa Saeed Al Zaffin, Saud Ebrahim Obaidallah and Abdul Rahman Mohammad Rashid Al Sharid.

May 19, 2015

Free Zones Of UAE

Volume # 06 | June, 2015

UAE Freezones Biz News Updates

Courtesy Al Nisr Publishing LLC

Emirates Of UAE

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