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AIM to highlight importance of free zones

April 2017

The role of free zones in shaping and promoting competitive economy will be discussed at the Annual Investment Meeting (AIM) 2017 which will take place from April 2 to 4, at the Dubai World Trade Centre in Dubai, UAE.

Spearheaded by leading experts of the industry, the discussion will focus on efforts of free zones in providing business-friendly processes that facilitate ease of doing business, said a statement.

In addition, the discussion will also shed light on importance of free zones as innovation hubs and highlight the challenges and issued faced by these trade zones, it said.

Dawood Al Shezawi, CEO, organising committee AIM, said: “Free zones play a crucial role in shaping and promoting competitive economy. As the procedures and policies for setting up a business in a free zone is quick and inexpensive, and taxes either minimal or non-existent, the free zones attract numerous foreign companies seeking to benefit from the commercial advantages and proximity to major international markets.”

A report by Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), in collaboration with Thomson Reuters identified cities where free zones are best positioned to drive the growth of Islamic economy sectors and ranked Dubai as the world›s leading Islamic economy - enabling free zone city, followed by Kuala Lumpur and Johor Bahru in Malaysia and Manama in Bahrain.

The report estimates that in 2015 free zones contributed $55 billion to the Islamic economy, valued at $1.9 trillion, and projections suggest this number will increase to $117 billion by 2021.

 




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