Three Dubai free zones come under new authority

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has announced the creation of Dubai Integrated Economic Zones Authority.

The new entity will supervise Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commercity.

It will house over 5,000 international firms, covering 20 key economic sectors and employing 30,000 people.

The initiative is the latest in a series of strategic projects aimed at enhancing the ease of doing business in Dubai.

Companies and individuals licensed in the Integrated Economic Zones under the Authority are exempted from all taxes, including income tax, for 50 years.

"The creation of the Dubai Integrated Economic Zones Authority is part of the emirate’s efforts to introduce new frameworks for further improving services provided to businesses and investors, which in turn will help accelerate economic growth," said Sheikh Mohammed.

His Highness Sheikh Ahmed bin Saeed Al Maktoum has been appointed as the Chairman of the new Authority and Dr. Mohammed Ahmed Al Zarouni as its Executive Chairman.

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