Dubai Free Zones Board discusses making it easier for companies to open bank accounts – News

DFZ Council’s initiatives demonstrate its commitment to its role in Dubai’s economic development: Sheikh Ahmed bin Saeed Al Maktoum

Sheikh Ahmed bin Saeed Al Maktoum said the council’s initiatives are a commitment to its role in driving Dubai’s economic development towards a comprehensive economic ecosystem. — File photo

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Published: Sun Jan 9 2022 2:27 PM

The Dubai Free Zones Council (DFZ Council) discussed plans to facilitate the opening of commercial bank accounts for small and medium-sized enterprises (SMEs), opportunities to attract Emirati talent to free zones and others topics related to the business sectors that operate within Dubai. free trade zones.

At its 19th meeting, chaired by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Board, the DFZ Board also discussed an action plan to support Dubai’s vibrant economy as ‘it ranks promisingly in various economic and investment indexes.

Outstanding initiatives

Sheikh Ahmed bin Saeed Al Maktoum said the council’s initiatives are a commitment to its role in driving Dubai’s economic development towards a comprehensive economic ecosystem, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice Chairman and Prime Minister of the United Arab Emirates. and ruler of Dubai.

“The vision directly reflects the enhancement of Dubai’s status as a global investment destination and a model of complementary specialized economic free zones serving different sectors, thereby enhancing business commerce in free zones across the emirate,” he said. he declared.

Banking facilities for SMEs

During the meeting, board members also explored how to facilitate the opening of commercial bank accounts for SMEs based in Dubai’s free zones, especially those facing difficulties, in collaboration with the Emirates Banking Federation. United Arabs. These facilities align with Dubai’s strategy to make it easier to do business and reinforce its status as a global destination for investors and entrepreneurs.

Employee savings plan for expatriates

A team from the Dubai International Financial Center (DIFC) briefed DFZ Board members on the DIFC employee workplace savings program for expatriates. The DIFC team detailed the revenue expected from the implementation of such a program in the free zones and called on board members to take advantage of its benefits, noting that such programs play an active role in supporting the ‘economy.

Attract future investments

In line with Dubai’s status as one of the world’s busiest economic and investment hubs, Council members discussed the dissemination of Revision 4 of the International Standard Industrial Classification of All Economic Activities (ISIC), an international reference classification system for economic activities. Its main objective is to provide a set of activity categories for the collection and reporting of accurate and transparent statistics in Dubai. The implementation of ISIC Rev. 4 will increase the ranking of the United Arab Emirates in the Ease of Doing Business Index, as well as unifying data for all competent authorities, which ensures compliance with local classification and the requirements of international bodies such as the Group financial action (FATF).

Representatives of DP World and Jebel Ali Free Zone presented the TUMOOHI (My Ambition) program, which encourages and enables Emirati talent to gain real experience in all sectors and industries.

During the meeting, DFZ Board members agreed to support the program, strengthen the contribution of Emiratis to the private sector and train them in large companies based in free zones.

Council members also highlighted their willingness to support the Emirati Human Resource Development Council in Dubai, which the DFZ Council joins as a member. DFZ Council members endorsed their support for all initiatives aimed at building the capacity of Emiratis and providing them with employment opportunities.

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