Sheikh Mohammed announces restructuring plans for Dubai Municipality and Land Department
Government2 weeks ago
Our commitment to adopting the latest technologies and building a comprehensive infrastructure puts us in prime position to play a leading role in shaping the economy of the future."
The team working on the initiative comprises a diverse group of professionals, including representatives of the Ministry of Economy, the Department of Economic Development in Dubai, Dubai Chamber of Commerce and Industry, Dubai Development Authority, Jebel Ali Free Zone, the Dubai International Financial Centre, Dubai Customs, and Dubai Municipality.
Moreover, the Council members discussed the draft law proposal related to systemizing rental agreements in Dubai's free zones in coordination with the Dubai Land Department and free zone authorities with the aim of providing a larger pool of real estate options for companies.
One suggestion was to extend the long-term rental duration from the current 25 years to 50 years.
In addition, the DFZ Council reviewed the initiative that aspires to boost the emirate's attractiveness and encourage international companies to set up their regional headquarters in Dubai through a campaign that highlights four characteristics of the emirate - a center of excellence for research and development, a gateway into the Middle East, Africa, and Asia, a hub for entrepreneurship and advanced technology, and an ideal environment for business. In its first phase, the campaign seeks to attract 400 international companies across diverse sectors.
Furthermore, the Council members discussed the Free Zone 10X platform, aimed at establishing a financial market that provides companies registered in free zones with funding through IPO listings. An ongoing study, conducted in coordination with relevant parties, is researching the legislative and logistical requirements for implementing the initiative.
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