UAE: Dubai Ruler Issues Law to Create Integrated Economic Zones Authority

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00


UAE: Dubai Ruler Issues Law to Create Integrated Economic Zones Authority

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued Law No. (16) of 2021 to create a body with financial and administrative autonomy, known as Dubai Integrated Economic Zones Authority, bringing Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City, within their authority. The Law might help integrated economic zones in promoting growth, broadening investment and business opportunities, and improving ease of doing business, with the overall goal of enhancing Dubai's standing as a worldwide and regional investment hub. One of the Authority's main goals is to entice local and multinational enterprises to establish headquarters in the emirate's Integrated Economic Zones and strives to help SMEs and promote entrepreneurship and innovation in a variety of industries. Companies and persons licenced in the Authority's Integrated Economic Zones get a renewable exemption from all taxes, including income tax, for a period of 50 years beginning on the date of the new Law. This provides businesses within the said authority’s license with freedom from the regulations of Dubai Municipality or Dubai Economy, with exceptions to regulations related to safety, security and food control.