The Dubai Airport Freezone Authority (Dafza) has signed a strategic memorandum of understanding (MoU) with Saudi Arabia's Economic Cities Authority (ECA) aimed towards developing proposals and suggestions that can help drive in more potential foreign investments to the Gulf region.

The MoU was signed by Dr Mohammed Al Zarooni, director general of Dafza, and Muhanud Hilal, secretary general, ECA, in a formal signing ceremony held at King Abdullah Economic City.

According to Dafza, the MoU is aimed towards creating and reinforcing key understanding between Dafza and ECA - facilitating a smooth exchange of expertise and experience while also collaborating on joint high value projects and investment opportunities.

Sheikh Ahmed Bin Saeed Al Maktoum, chairman, Dafza, expressed full trust and confidence in this signed agreement. He emphasised on the importance of the strong ties between the UAE and Saudi Arabia, which is made even stronger because of their common economic visions and rich historical and geographical similarities.

The Dafza chairman noted the agreement would focus on significant value-adding initiatives to support FDI flows in the region from UAE and Saudi Arabia, which goes in line with UAE Vision 2021 and Dubai Plan 2021 to lead the global competitiveness indicators and raise the attractiveness of the national economy to the investors.

Sheikh Ahmed further noted that integrative and economic harmonisation between the two countries could result in strengthened joint efforts to achieve the economic potentials of the region and support the country’s vision 2030 of promoting the competitiveness of its economy.

Al Zarooni said: “Economic collaboration is a key factor to success, taking note that the strength of UAE-Saudi relations is a key priority of the leaders of the two countries. Our mission is to achieve the real potential of Dubai freezones and the important role they play in driving more economic development, both locally and regionally.”

“We are satisfied with the joint workshops between Dafza and the ECA which took place in Saudi Arabia, as we share a common economic vision that aims to take the region to a new leap based on high-level cooperation to attract and support the FDI flows in the region in Dafza and ECA,” he added.

Meanwhile, Hilal welcomed the visit of the Dafza delegation, which follows an earlier invitation that ECA extended to visit and tour King Abdullah Economic City.

He said: “This agreement serves to strengthen our relationship with the UAE and is aimed at consolidating our ties with Dafza, in particular, across all possible fields to contribute to the achievement of our mutual objectives.”

“This visit is an opportunity to exchange views on the working mechanisms and challenges and strengthen the level of coordination between ECA and Dafza,” he stated.

The agreement calls for the exchange of knowledge and best practices through workshops, meetings and programs focusing on company registration laws, the provision of ‘one-stop-shop’ government services, municipal services, planning, investment development, the attraction of foreign investors, and collaboration on the development of mutually beneficial propositions as well as investment opportunities for existing and potential investors at ECA and Dafza, said a statement.

The MoU also seeks to create clear and smooth facilitation of the transactions of investors within their geographical scope who wish to expand their business. The agreement complements the successful outcomes of the visit of an ECA delegation to Dafza in last June.

The ECA chose Dafza as a role model in the fields of investment, economic development, and smart services benefitting the building of a strong economy, due to its leading role in the economic development process and as a major driving force for business growth in the UAE and the region, it stated. – TradeArabia News Service