Dubai welcomes a new free zone (FTZ)!
Dubai World Trade Centre (DWTC) was awarded the status of a free zone on Monday 18th of May within the scope of new law and a number of acts that have become laws after they have been 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.
The new law aims at stimulating local and international exhibition engagement along with enlarging the amount of conferences in the emirate. Besides, it`s used for attracting investors within the emirate and abroad. The attendance of commercial and trade authorities are also of primarily importance. Dubai International Convention and Exhibition Centre, hosting lots of local exhibitions, now functions as a part of DWTC.
In accordance with Law № 9, 2015, Dubai World Trade Center (DWTC) has been declared “a free zone to be monitored” by the Dubai World Trade Center Authority (DWTCA), which, in its turn, also falls under the law, based on the announcement that was emailed by the government of Dubai. Deputy Ruler of Dubai and Minister of Finance Shaikh Hamdan Bin Rashid Al Maktoum has been elected Chairman of the Authority, according to Decree № 11, 2015.
The obligation/duty of the DWTCA is to “create, expand and administer infrastructures and management services inside DWTC”. In addition, it will determine business activities, give the green light to the “general plan for DWTC’s zones, license, organize and oversee construction works in DWTC, register and grant license to companies in the free zone of Dubai World Trade Center and determine and exact fees for registration and license together with other authorities and capacities”.
The Dubai World Trade Center Authority is to found new companies, invest in them, purchase, lease assets, and accord with other free zones for the purposes of facilitation of DWTC company activities.
Director General of Dubai Department of Tourism and Commerce Marketing (DTCM) Helal Saeed Al Marri has been assigned as Director General of the DWTCA, in accordance with Decree №25, 2015, issued by Shaikh Mohammad. Al Marri will keep his position at DTCM; yet nothing has been said about his post as Chief Executive Officer at DWTC.
President of the Dubai Civil Aviation Authority and Chairman and CEO of Emirates airline and Group Shaikh Ahmad Bin Saeed Al Maktoum has been elected Vice-Chairman of DWTCA with Butti Saeed Al Kindi as Second Vice-Chairman. Ziad Abdulla Galadari, Abdullah Mohammad Rafee, Khalifa Saeed Al Zaffin, Saud Ebrahim Obaidallah and Abdul Rahman Mohammad Rashid Al Sharid have all been voted into board members.