New Free Zone Strategy To Boost Dubai's Status As Investment Hub

(MENAFN- Khaleej Times) Dubai's new strategy for free zones aims to further strengthen Dubai Integrated Economic Zones Authority's mandate to promote Dubai's standing as a leading regional and international destination for investment across various categories, thus contributing to the realisation of the emirate's strategic priorities with respect to integrated economic zones.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the DIEZA, has approved the Authority's new strategy for 2024-2026.

The Authority seeks to follow an economic roadmap aligned with the Dubai Economic Agenda, D33, supporting the D33's ambitious vision for achieving sustainability, creating a vibrant market characterised by an array of investment opportunities, and promoting a future-ready business-friendly environment capable of adapting to changes and trends in diverse sectors.

DIEZ's 'purpose' highlights its commitment to“enable businesses, enhance lives, and foster a vibrant economy”. At the same time, its'aspiration' aims to“open a new world of infinite economic opportunities” based on a set of core institutional values including'togetherness', a'passion' to make a difference,'affinity' through cultivating relationships,'customer success' and a futuristic vision by encouraging forward-thinking and retaining an innovative mindset.

Sheikh Ahmed said:“The new DIEZ strategy is built on an integrated framework based on careful planning that aims to improve the quality of services provided to businesses, investors, and companies from all sectors and of all sizes. Our objective is to enhance the vital role of free zones as a major contributor to the local and national economy. This reinforces our commitment to strengthening Dubai's position and that of the UAE as a global partner and an attractive, influential economic hub. These efforts are carried out in accordance with national directives and plans, in cooperation with our partners from the public and private sectors,” he added.

Dr Mohammed Al Zarooni, executive chairman of the DIEZ, said:“We aspire to make Dubai a preferred destination for investors worldwide and solidify its role as an essential link within the global trade network. This will be achieved by focusing on three strategic cornerstones: achieving excellence, growth, and enriching the economic landscape, as well as placing investors at the top of our priorities by striving to achieve their aspirations and providing products, services, and solutions that exceed their expectations.

“The strategy serves as a roadmap for DIEZ to open a new world of infinite economic opportunity. We plan to leverage the promising potential within the emirate and work alongside our strategic partners to elevate it to greater levels of efficiency and effectiveness. This, in turn, will be advantageous to businesses and investors by applying best practices and providing top-tier support and services to Dubai's economic community across various sectors,” Al Zarooni added.

DIEZ focuses on three strategic pillars: excel, grow, and enrich. Underpinning its commitment to excel are three priorities: strengthening DIEZ's contribution to Dubai's non-oil economy, advance as a market leader across its business portfolios, and creating a remarkable experience for clients, enabling their growth and success.

In the context of the grow pillar, DIEZ aims to pioneer the next high-growth industry economic zone in Dubai, invest in high-value businesses along the value chain, and position DIEZ as a leading global player in the realm of economic zones.

The enrich pillar will focus on elevating DIEZ's value proposition through a range of new, high-quality products and services, besides contributing to building a sustainable future by adopting responsible environmental, social, and governance practices.

DIEZ has identified several enabling factors critical to achieve the 2024-2026 strategy. These include developing synergies across the economic zones under its purview, strengthening its brand locally and globally, and ensuring that it achieves strong and sustainable financial performance. Moreover, these factors also provide for delivering world-class and sustainable engineering projects and services cost-effectively, attracting, nurturing, and engaging the best talents in a positive work environment. This is in addition to leveraging the enormous potential of digital transformation.

Within the framework of its new strategy, DIEZ is committed to upholding institutional values, including a united team spirit, encapsulated by the motto,'Stronger Together, United in Purpose.' This is based on DIEZ's commitment to promoting the realisation of common goals. Furthermore, the organisation places a high value on passion, as denoted by the slogan 'Fuelled by Passion, Driven by Ambition,' reflecting DIEZ's unwavering pursuit of its goals, which are motivated by a deep desire to make a difference.

DIEZ encompasses three free zones: Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity. It employs an integrated approach among these zones to enhance their role in bolstering the national economy and building an ecosystem that serves all strategic sectors, ultimately enhancing the competitive capabilities of the Emirate of Dubai.

It sets out an ideal model by fostering a holistic experience complete with living, working, and leisure choices, which enhances the attractiveness of Dubai as a major hub for investment in the region. It provides world-class options in terms of basic infrastructure to support businesses, as well as legislative and regulatory frameworks and lifestyles, creating an environment with all the elements of modern life besides advanced services and facilities.

DIEZ makes for a very compelling proposition for investors as an advanced and integrated system that facilitates easy access to regional and international markets, well backed up by a global network complete with impressive logistical, administrative, and technical capabilities.

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