Local Business

UAE gets World Free Zones Organisation

Abdul Basit
Filed on May 19, 2014
UAE gets World Free Zones Organisation

The organisation is expected that all free zones in the UAE will join the organisation by the end of 2014.

UAE gets World Free Zones Organisation (/assets/oldimages/sh1_19052014.jpg)
Photo: Abdul Basit/Khaleej Times

The global launch and unveiling of World Free Zones Organisation took place in Dubai on Monday in the presence of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The new non-profit entity aims to transform the way in which many economies across the world operate. It will operate as an association for all free zones in the world.

It is expected that all free zones in the UAE will join the organisation by the end of 2014. There are 3,500 free zones in the world and 66 million people work in these free zones.

UAE gets World Free Zones Organisation (/assets/oldimages/zone1_1905.jpg)

The event was also attended by top government officials, ambassadors and consul generals to the UAE.

The official office holders on the board of directors include Dr. Mohammed Alzarooni (UAE) as chairperson, Luis Pellerano (Dominican Republic) as vice chairperson, P.C. Nambiar (India) as secretary and Rose Hynes (Ireland) as treasurer.

During the launch, chairperson Al Zarooni, who is also vice chairman and chief executive officer of Dubai Silicon Oasis Authority, said: “The World Free Zones Organisation, which we are excited to be launching today, will promote a spirit of collaboration, dialogue and guidance. It will provide help to nations that can benefit from the free zone model; whose economies require foreign direct investment in order to build strong, robust and diverse economies for the future.”

The UAE has been a shining example of the dynamic role free zones play in economic and social development, and its diversity and vibrancy as a business hub has put the country on the world map.

“World FZO will further enhance the development of free zones in other parts of the world. With its headquarters here, Dubai and the UAE are positioning itself as a major player in the world economy in the run up to Expo 2020,” said Al Zarooni.


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