Total trade volumes in Dubai’s economic free zones grew by 22 per cent year-on-year in the first nine months of 2018, with the designated business hubs making a significant contribution to the emirate’s economy, a government body said.
Free zone trade hit Dh394 billion, accounting for 41 per cent of Dubai’s total trade during the period, according to the Dubai Free Zones Council, the authority that oversees the emirate’s 24 free-trade areas, which include Dubai International Financial Centre, Dubai Media City, Jebel Ali Port zone and others.
China topped the list of Dubai’s most significant free-trade partners with a total trade volume of Dh59bn over the period. Saudi Arabia was second with Dh34.2bn, closely followed by India with Dh34bn.
Total imports in free zones amounted to Dh215bn, while exports and re-exports totalled Dh179bn. Overall, the free zones generated 31.9 per cent of Dubai’s gross domestic product, the council said.
"Free zones are important economic hubs and centres of foreign direct investment that are poised for growth and expansion in the years ahead," said Sheikh Ahmed bin Saeed, chairman of the Dubai Free Zones Council.
“Dubai’s economy relies on the free zones’ efforts to diversify the national economy and expand non-oil business in line with the Dubai Plan 2021, which aims to elevate the emirate’s global status and establish it as a major contributor to the global economy.”
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The rise in free-zone trade is due to promotional efforts to attract more foreign direct investment to Dubai, Sheikh Ahmed added. This summer, many free zones announced reductions in registration fees for new businesses, while the Dubai Government has taken steps to boost inward investment overall, including relaxing regulations and lowering the cost of doing business.
Dubai’s FDI flows rose 26 per cent in the first half of this year to $4.84bn (Dh17.76bn), while the number of FDI projects grew 40 per cent to 248, according to data from the Dubai Investment Development Agency, part of the Department of Economic Development, in October.
More than 41,000 companies, together employing more than 354,000 people, operate in Dubai’s free zones, said the council.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The biog
Born: High Wycombe, England
Favourite vehicle: One with solid axels
Favourite camping spot: Anywhere I can get to.
Favourite road trip: My first trip to Kazakhstan-Kyrgyzstan. The desert they have over there is different and the language made it a bit more challenging.
Favourite spot in the UAE: Al Dhafra. It’s unique, natural, inaccessible, unspoilt.
LOVE%20AGAIN
%3Cp%3EDirector%3A%20Jim%20Strouse%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Priyanka%20Chopra%20Jonas%2C%20Sam%20Heughan%2C%20Celine%20Dion%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5