The Dubai Airport Freezone Authority (Dafza), the premier freezone in Dubai which aims to attract local and national foreign direct investments (FDIs), said it has signed an agreement with the Department of Economic Development (DED) in Dubai to allow Dafza’s hosted companies to obtain dual licences to operate across the emirate.

The MoU is in line with intensified efforts between Dafza and DED to support the Dubai Government's goal of establishing a diversified and flexible knowledge-based economy driven by innovation and investment, it stated.

The agreement aims to strengthen co-operation on initiatives targeting all aspects related to providing economic support for Dafza’s main services, remarked Dr Mohammed Al Zarooni, the director general of Dafza, and Sami Dhaen Al Qamzi, the director general of DED, were the official signatories.

It will also facilitate collaboration on areas of common interest that help achieve the strategic objectives of both parties, noted Al Zarooni.

The MoU aims to enhance coordination through the licensing and activities of companies operating in DAFZA. Applicants must obtain the approval of the freezone first, in accordance with the stipulated conditions.

As per the agreement, DED may modify or add any activity related to the licences of companies subject to the approval of Dafza. Both parties will work closely to improve the levels of governance, compliance and transparency for businesses working within the freezone.

They will also monitor and inspect licensed companies to ensure their compliance with the applicable laws on various commercial activities, particularly the Law on the Suppression of Fraud and Deception in Commercial Transactions, the Consumer Protection Law, the Commercial Transactions Law and Commercial Agencies Law.

"The deal complements Dafza's leading role in increasing the flow of FDIs, and is in line with our strategic plan for 2017 to 2021 which sets goals that support the national and economic objectives of our wise leadership as well as the ambitious strategic targets of the Dubai Government," noted Al Zarooni.
 
"We are confident that this new licensing agreement will add significant value to the economy of Dubai and the UAE in general, as it will help attract international investors and offer a unique business experience serving the best interests of companies operating within the freezone," he added.

Al Qamzi said the agreement with Dafza aims to streamline procedures by diversifying the service channels of DED and enhancing transparency in licensing free zone entities.

"In order to implement the principle of transparency in the retail sector, the DED will supervise and inspect the licensed institutions to ensure compliance with the laws related to commercial activities especially federal laws, particularly the Anti-Commercial Fraud Law, Consumer Protection, Commercial Transactions and on Commercial Agency," he added.-TradeArabia News Service