On Monday, the Emirate of Dubai announced the establishment of the Dubai Authority for Integrated Economic Zones, which will operate as a financially and administratively independent legal entity.
The free zone at Dubai airport will work Dubai Silicon Oasis and Dubai Trade City (Dubai Commercity) Under the supervision of the new authority, according to a statement posted on the site web by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, according to Reuters.
Sheikh Mohammed said in the statement that the establishment of the new entity is part of the efforts of Dubai, the financial center of the Middle East, to improve the services provided to companies and investors and accelerate economic growth.
More than 5,000 international companies will operate under the umbrella of the new authority. Economic activity regulated by the authority generates 5% of the emirate’s gross domestic product.
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