Dubai: The Dubai Free Zones Council, chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, convened for its 34th meeting to examine strategic priorities aimed at improving free zone readiness, supporting business sustainability, and adapting to changing economic and regulatory landscapes. These efforts align with Dubai's vision to bolster its flexible, competitive, and investment-friendly business environment.
According to Emirates News Agency, the meeting commenced with a briefing from the Dubai Government economic team on the latest economic initiatives and facilitation packages launched by The Executive Council of Dubai. Discussions centered around initiatives presented by the Dubai Free Zones Council Strategy Team to support the business ecosystem and enhance companies' resilience. The Council explored how free zones can anticipate business needs and provide integrated support to reduce operational and financial burdens, strengthen investor confidence, and facilitate ease of doing business.
The Dubai Free Zones Council continues to advance initiatives and projects aimed at enhancing business performance and continuity, strengthening regulatory readiness, and supporting the growth of existing and emerging sectors. The topics covered in the meeting are part of a comprehensive vision to reinforce the competitiveness of free zones and enhance their adaptability to evolving dynamics, thereby boosting their contribution to GDP and the national economy in line with high standards of efficiency and compliance.
The Council also focused on enabling innovation through responsible regulation of the virtual assets sector. A presentation by the Virtual Assets Regulatory Authority (VARA) outlined its role in developing rules, regulations, and standards for governing virtual asset platforms and Virtual Asset Service Providers (VASPs). This initiative aims to position Dubai as a regional and global hub for virtual assets, attracting investment, empowering users, and fostering innovation.
Efforts to create a supportive environment for scaling local SMEs and technology startups in Islamic finance and the halal industry were also reviewed, in line with the Dubai International Financial Centre's initiative. The Council discussed opportunities to leverage free zones as platforms for developing an integrated ecosystem that supports local production of halal products and innovation in the food technology, agri-tech, and pharmaceutical sectors.
The meeting addressed the readiness of free zones for the upcoming Financial Action Task Force (FATF) assessment, focusing on enhancing compliance with standards on anti-money laundering and counter-terrorism financing. Perspectives were shared on strengthening compliance readiness, including forming a dedicated compliance team, aligning policies and procedures, and completing digital integration processes.
Lastly, the Council received an update on the Unified Employment Contract project, coordinated with the General Directorate of Identity and Foreigners Affairs - Dubai. The initiative aims to standardize contracts while preserving each free zone's institutional identity, with implementation rolling out in phases through contract review, alignment, and digital integration.